The 100/200 day MAs stall the fall

The AUDUSD is back up to the highs of the day after its own wild up, down and back up swings.

The high for the day remains the Asian Pacific at 0.7889, but the swing-back higher - after the CPI fall - did reach 0.7887 and we are currently trading just a few pips lower at 0.7885. The high area is home to a number of swing levels going back to February 5 (see red circles)

A move above will look next toward the 0.7902 which is the 38.2% of the move down from the Jan 26 high.

Risk now is the 200 hour MA at 0.78566.

In the new trading day, the Australian employment report will be released with the expectations for +15.0K vs +34.7K last month. On a stronger than expected number, the 200 bar MA on the 4-hour at 0.79237, the 50% of the move down from Jan 26 at 0.79466 and the 200 bar MA on the 4 hour chart at 0.79556 will be eyed.

Taking a broader look at the daily chart below, the low from last week and the extreme low from the tumble earlier today were both able to find buying near the 100 and 200 day MAs at 0.7759-64 area. The low today reached 0.7972 before rocketing back higher. Those lows - and the move back above the 50% of the move up from the 2017 low to the 2018 high at 0.78179, gives buyers/bulls more confidence that a bottom may be in (for now). Of course the aforementioned levels from the hourly chart will play a role as to keeping that bullish bias going in the upward direction.

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