AUDUSD swings higher after test of 100 hour MA finds support

Technical Analysis

Author: Greg Michalowski | audusd

Looks toward the high from yesterday

The AUDUSD reached a high at 0.60727 yesterday, and backed off. That correction moved down to test the 100 hour MA in the Asian session. Although there was a dip below the line (blue line), the price momentum could not be sustained and the price rotated higher and has been trending with the USD selling today.

Looks toward the high from yesterday

The price has been able to get back above a broken trend line at 0.5985.  That is a risk level now. 

The next target upside target comes in at the high from yesterday at 0.60727 and then 50% retracement at 0.60945.  

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