AUDUSD above 100 hour MA. Can it build more from the bullish side?
If risk levels hold.....
The AUDUS has moved above the 100 hour MA at 0.68125 and stayed above over the last hour or so (blue line). That's a little bullish.
The pair did move lower earlier in the day, but found support against the underside of the topside broken trend line. Although the price moved lower to reach that line (and the pair is barely above unchanged now), that was a bullish play by traders.
Now, it is not all full steam ahead. The pair remains below:
- The 200 bar MA on the 4-hour chart at 0.68208
- The 38.2% of the move down from the November 5 high at 0.68295*
- The 100 day MA at 0.68379
- The 200 hour MA at 0.68406
All those remain obstacles for a bull run. In fact, this is just a baby correction so far.
Nevertheless, you start from somewhere. Getting and staying above the broken trend line was step 1. Getting and staying above the 100 hour MA is step 2. For the buyers, can those risk levels now hold support? That will determine if the bulls can build from the bullish side and start to take out the hurdles above....