The AUDUSD is the strongest currency against the USD in trading today, but is off the highs after testing and failing on break of the 100 hour MA (blue line in the chart below at 0.87776) and the high from Friday’s trading (at the 0.87846). The move to the upside was helped by better China Trade data which showed stronger import and export growth. The price for the pair has dipped back below the the 200 hour MA on the disappointment (green line in the chart below at the 0.8762 level).
The AUDUSD tested the 100 hour MA and stalled.
Although a bit of a disappointment, the pair is still trying to keep the buyers in control. Looking at the 5 minute chart, the correction lower has found some support buying against the 100 bar MA and the 50% of the last trend leg higher at the 0.8747 area. This is showing more buying interest from the market. Understand that the liquidity conditions are light but if the price ends up moving back above the 100 hour MA and 50% retracement, the technical picture will be more bullish as the new trading day begins.
The correction came down and tested the 100 bar MA and the 50% at the 0.8747.
