5 days of closes below 100 day MA in jeopardy
The AUDUSD fell below the 200 day MA last week and for the last 5 days has been able to stay below that MA line (bearish). The pair moved lower and traded below the 50% of the move up from December at 0.76419 on two days, but rallied back higher. The days have been up and down.
Today, the price moved back above the 200 day MA line and also stayed above it.
Looking at the hourly chart below, the price broke above the 200 day MA at 0.76956 in the Asian session, and corrected in the London/NY morning session, and held that line (bullish). The price is also back above the 200 hour MA at 0.77019 (also bullish). The 0.76956-0.77019 is now risk for longs if the price is going higher. PS the 200 hour MA line is moving lower and will converge with the 200 day MA shortly.
On the upside, the pair is stalling near the 38.2% of the move down from the October 13 high at 0.7728. The swing low from October 6th comes in at 0.7732. That area will need to be broken to keep the bulls going.
