Support & Resistance

AUDUSD tests the 200 hour MA and finds willing buyers

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AUDUSD trades between the 100 and 200 hour MAs

The AUDUSD skimmed along the 200 hour MA over the last 3 hours of trading. The 200 hour MA comes in at 0.63676 currently. The low for the day reached 0.63675.

Buyers leaned. The buyers are taking the price higher.

The highs from last Monday and Tuesday at 0.64110 are the next target on more buying. Move above that level, and the rising 100 hour MA at 0.64352 would be eyed. Above that, and the 100 hour MA will be the next key target.

Taking a look back….sellers started to take back some control on Friday on the break of the 100 hour MA. In the Asian session the price did move into positive territory for the day, but the high for the day found sellers against the aforementioned rising 100 hour MA. The inability to get above that MA line, gave the sellers to go ahead to push to the downside.

So with the 100 hour MA holding resistanc above, and the 200 hour MA holding support below, the traders are now looking for the next shove. Get above the 100 hour MA is more bullish. Move below the 200 hour MA is more bearish.

In the between those two MA is the 38.2% of the move up from the October 13 low at 0.6387. Above that and the 0.6411 will be eyed for technical bias clues.