AUDUSD completes the lap of the gains from yesterday in trading today

Technical Analysis

Author: Greg Michalowski | audusd

Trades below the 100 and 200 hour MAs

The AUDUSD rallied yesterday and it took back all the gains (and then some today) completing the lap.  China's industrial production showed the lowest YoY gain in 17 years and was below expectations (+5.3% vs 5.5% expectations).  

Trades below the 100 and 200 hour MAs
Technically, the fall today stalled initially at the support from the 100 and 200 hour MAs, but after a modest rally, the support turned to resistance on the break of the aforementioned MAs.   
The low for the day did find some "stall" near a lower trend line on the hourly chart that connects the lows from Tuesday and Wednesday.  

So we have found a neutral area for the pair with resistance defined by the 200 and 100 hour MAs above (0.70557-614) and support at the lower trend line at 0.7038.  

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