AUDUSD runs into some overhead resistance

Technical Analysis

Author: Greg Michalowski | audusd

200 hour MA and the 100 day MA stall the run higher

The AUDUSD - after a run lower early in the session - has seen a rebound higher.

200 hour MA and the 100 day MA stall the run higher

The pair was pushed lower on the back of RBA meeting minutes which said the central bank did consider cutting rates at the last meeting, but chose to wait and see the impact of the recent cuts.  

The pair did rebound, however, as traders and analysts thought twice about the timing (and chances of a cut).  Rising stocks and risk on flows also helped. 

The run to the upside took the price back above its 100 hour moving average at 0.68056.  After testing the 200 bar moving average on the 4 hour chart (currently at 0.68239), the price broke above only to run into other moving average targets defined by the 200 hour moving average at 0.68328 and the key 100 day moving average at 0.68362.  It's tough sledding when technical levels line up near each other.  NOTE: the 200 bar moving average on the 4 hour chart has done a good job of holding resistance over the last few days. It is now close support as a result. 

Sellers entered against those moving averages and the prices currently waffling between the 200 bar moving average on the 4 hour chart at 0.68239 and those dual moving averages above at 0.68328-26 area.  It is a good place to consolidate for the next move and wait for the next shove either higher or lower.  

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