The AUDUSD was able to minimize the damage on a move below the trend line support line in the hourly chart above (trendline came in at 1.0307 – low reached 1.0303) , and that has led to a slow but steady climb back higher (see earlier post at https://www.forexlive.com/blog/2012/03/29/audusd-moves-below-the-low-from-last-week/ )
The price has just pushed above the 100 bar MA on the 5 minute chart at the 1.0338 level. This was also the 38.2% of the move down from the London high. Key resistance remains at the 1.03569 (50% of the move higher from the December 2011 low), the 1.0379 ( 100 day MA) and the 1.0397 (200 day MA). These will be successive targets that if the price can breach, would increase the likelihood the low is in place.
Until then however, the bias is still to the downside, but in the meantime, the market is more balanced and eyeing the key resistance levels from the daily chart.
