AUDUSD tests 200 bar MA on the 4-hour chart

Technical Analysis

Author: Greg Michalowski | audusd

Retraces to the highest level since February 20

As Adam pointed out, the AUD has had an impressive run back higher. The pair is not only making new session highs but is also trading at the highest level since February 20. 

Retraces to the highest level since February 20
Technically, looking at the 4 hour chart above, the price has now moved above the 100 bar moving average at 0.66137, a topside trend line at 0.6665 area and is testing the 200 bar moving average on the 4 hour chart at 0.66791.   The price has moved above that 200 bar moving average level to 0.6684, but has backed off so far.  On more upside momentum, the 0.6700 area (see green numbered circles)  would be targeted.  Get above that level and traders may be looking toward the 0.67516 level.

On the downside, watch the 0.6665 level and below that the swing area at 0.6638 – 44.

At the start of the North American day, the strongest to the weakest showed the following ranking and cumulative % changes. The AUDUSD was at -7.49% for the cumulative change, with the AUDUSD down -0.59%. 



The current cumulative decline is at -2.59% and the AUDUSD is now up 0.57% vs the greenback.

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The moves are bit of a head scratcher. But dammit you
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