The AUDUSD's 100 day MA was tested on Friday and again today.
On Firday the AUDUSD price trended to the downside, but stalled right at the 100 day moving average (blue line currently at 0.6846). The price corrected modestly.
Today, the price action has been up and down with the low staying just ahead of its 100 day moving average and moving up to a high at 0.6865 which remains below the 50% retracement and 100 bar moving average on the 4 hour chart at the 0.6869 area.
We are currently back down retesting the 100 day moving average. Below that is a lower trendline at 0.68433 currently. A move below will have traders looking toward the 0.68327 -356 area.
For now however, support buyers are digging in against the 100 day moving average. The dip buyers will need to see a move back above the 0.6861 and then the 50% retracement at 0.6869 to feel more comfort that the key daily moving average did its job and reversed the downside momentum.
