The AUDUSD is back down testing the 200 hour MA (green line at 0.71093) and high of a swing area between 0.70893 and 0.71057. The low just reached 0.71069. The price is currently trading at 0.7125 after the bounce off the area.
Earlier today, in the Asian session, the price moved down through that 200 hour moving average but stalled against the low of the swing area at 0.70893.
The subsequent rise took the price to a high of 0.7135. That was still short of the flattening 100 hour moving average at 0.71475.
Recall from yesterday, the price fell back below the 100 hour moving average, retested the level before rotating down to test the 200 hour moving average where buyers leaned. Getting back above the 100 hour moving average is important if the buyers are to assume more control.
Overall, the holding near the 200 hour moving average could give sellers cause for pause. The low price from yesterday and the failed break below the 200 hour moving average earlier today, could give the sellers some anxiety that the buyers are lurking. As a result I would not be surprised to see the rotation back toward the 100 hour moving average. Once there, traders will need to make up their mind whether they want to push further to the upside or stay within the moving average trading range?
