The test of the 200 day MA held on the first test, but not the second today.
The AUDUSD buyers took the price to the 200 day MA a few hours ago and found sellers (at 0.66537). The sellers took the price back down to a low of 0.6636, before reversing back higher. The pair has now broken above its 200 day moving average for the 3rd day in a row. The prior to efforts did not last for long. The price moved back below.
Is the 3rd time the charm?
Traders taking a clue from the break of the 200 day moving average will want to see the price fine support against that level and push higher toward the highs from yesterday and Tuesday at 0.66747 and 0.66793. Move back below the 200 day moving average would disappoint those buyers (and likely lead to giving up on the break idea). For now however, you have to give the bias to the buyers. It is up to them to prove the break above is for real.
