The 100 day MA has been a stall area over the last 5 days
The AUDUSD is ticking higher with the general dollar weakness today, and in the process is working toward the 100 day MA at 0.7228. This week the price has bottomed at 0.7177 (3 lows) and has seen higher lows yesterday and again today. The price today has spent more time above its 100 hour MA. Buyers are trying to making a play. Stay above the 100 hour MA at 0.72106 is more bullish.
Just above sits the 100 day MA (blue overlay line at 0.7228). The 100 day MA has been stepping down each day (see overlay of the MA on the hourly chart above). Last Thursday and Friday the MA was broken, but momentum stalled not far from the line at the 0.72409 area.
Earlier today, the MA was again broken, but this time the price stalled almost immediately and moved lower.
As mentioned the 100 day MA is at 0.7228. The price is at 0.7220ish now. Traders who are betting on more upside, will need to see that MA broken and stay broken. After that, the 0.72409 will be eyed. It is really the combination which will get the pair out of this bottom range
Failure to make a break will frustrate the dip buyers. A move below the 100 hour MA will then eye the recent lows with the 3 bottoms at 0.7177 a key downside target to get below.
