AUDUSD is back above the 200 hour MA. Can the price stay above?

Technical Analysis

Author: Greg Michalowski | audusd

The 200 hour moving averages at 0.7377 currently.

The 200 hour moving averages at 0.7377 currently._
The AUDUSD peaked last Friday at 0.74774.  On Tuesday this week, the price cracked below a swing area at 0.74095 and the 100 hour moving average near that level.  

Yesterday the price traded above and below the 200 hour moving average, and that trend has continued today. 

The lows both yesterday and today stalled within a swing area (see green numbered circles) between 0.73406 and 0.73481.  The price also stayed above the 38.2% retracement of the move up from the August 20 low at 0.73354. If the sellers are to increase their bias, getting below the 38.2% retracement is the minimum retracement level. So far that has not been done.

With the price trading back above the 200 hour moving average over the last four or so hours, the buyers are making a play for more control. Having said that the falling 100 hour moving average at 0.74047 along with the aforementioned swing level at 0.74095 are upside targets to get to and through. The high price today is only reach 0.73937 so far. 

Watch the 200 hour moving average. It should act as a barometer for the shorter-term intraday ups and downs.

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