AUDUSD tests MA and retracement resistance

Technical Analysis

Author: Greg Michalowski | auduusd

61.8%, 100 hour MA and 100 bar MA on the 4-hour chart tested

The AUDUSD fell in early Asian trading today but stalled near swing levels in the 0.7444-48 area. 


The inability to move lower, has prompted a run higher. That move has been able to get the price over the 200 hour MA (green line at 0.75028 currently) and up to the 100 hour MA and 61.8% retracement at the 0.7520 area.  Also in the area above is the 100 bar MA on the 4-hour chart at 0.75244 level (see chart above).  Selllers leaned against the area on the first test.  

With the price back above the 200 hour MA, but below the 100 hour MA, the traders have found an area where they might look to stall and rest while they figure out the next break.  Move above the 100 hour MA and the 100 bar MA on the 4-hour should give the longs/buyers more confidence (and worry the shorts). 

Conversely, a fall back below the 200 hour MA should see some of the buyers, give up (and new sellers as well)