Lows for the day found buyers near the MA levels
The AUDUSD is trading near highs for the day as traders held support against the 100/200 hour MAs and the 100 day MA. The 100 hour MA comes in at 0.77233. The 200 hour MA comes in at 0.77298. The 100 day MA comes in at 0.77252. The low for the day reached 0.7726.
The high price reached 0.77652 and currently trades at 0.77616. The pair is finding some sellers against the ceiling high from last week that stalled on Tuesday and Wednesday between 0.77676 and 0.77723. There were four separate hourly bars that stalled within that area (and three others that found sellers just below the low of that swing area).
A move above that area would likely trigger some stops and further upside momentum with 0.77819 as the next target, followed by 0.77916 to 0.77966. The price has stayed below that area since May 18.
Last week, the price fell sharply and traded to the lowest level since mid April after cracking below the 0.7700 level.
The low price extended to 0.7645. However, the price rebounded sharply on Friday after the weaker than expected jobs number. Moving back above the 0.7700 level, led to further momentum buying above the aforementioned moving averages.
The sellers took their shot and the employment data got in the way. Now the moving averages have tilted the bias more to the upside with more work to do above 0.7723.
