100 hour MA stalls the rally at 0.5836
The AUDUSD moved up to test the 100 hour MA on the Fed news. That MA comes in at 0.5836. The high price did extend to 0.5844 by quickly move back lower. We currently trade at 0.58041. Going forward from a technical perspective it would take a move above that 100 hour moving average, and staying above to tilt the bias more to the upside. On Friday, the market moved above and closed above that 100 hour moving average on a few hourly bars, but failed to keep above. Sellers reentered and the price moved lower into the close.
The good news on the downside for the buyers is that the low price today did stall against an old trendline. That level of 0.59928 and the old broken trend line at 0.5630 area (and moving lower) are the support levels for the AUDUSD. Move below, and the low at 0.55048 from last week (lowest level since 2002), would be targeted again.
For now, the sellers are leaning against that 100 hour moving average area.
