Test topside 100 hour MA
Whereas some pairs like the EURUSD, USDCHF and NZDUSD are trending, the AUDUSD is having more of and up and down trading day.
The pair started near support defined by the 200 hour MA (green line) and the swing highs from November 17 and November 23. That support came in at 0.73335 and 0.73389.
The run to the upside did crack above the 100 hour MA (blue line) but could not keep upside momentum going. The pair fell back toward the 200 hour MA.
The last few hours has seen the price move back toward its 100 hour moving average (blue line) currently at 0.73677. That moving average is being tested as I type. Traders looking for more upside momentum would need to see the price get and stay above the MA level. Failure to do that, and the buyers may look to sell again and keep the pattern of ups and downs intact.
Key test for both the buyers and sellers. The barometer for the next move is dependent upon the price action near the 100 hour moving average.