Big rebound in the AUDUSD (117 pips off the low)
In an earlier post, I spoke to the AUDUSD approaching its 200 hour moving average. Earlier in the day, the price broke below that level and then retested the level before rotating to the downside.
The move back toward the 200 hour moving average did not of any problem at the level. Sellers turned to buyers and the upside probe continued.
The price has now reached up to 0.7579. That is just below the 100 hour MA target at 0.75816. Also in the area between 0.7571 and 0.75816 sits the:
- Swing area between 0.75714 and 0.75777, and
- The underside of a broken trend line which cuts across near the 100 hour moving average.
The cluster of resistance should give traders MORE cause for pause.