AUDUSD trades above and below the 100 day MA

Technical Analysis

Author: Greg Michalowski | audusd

Price trades at the highest level since September 7th

The AUDUSD has moved higher today despite a slightly weaker than expected jobs report in Australia.  The price of the pair drifted lower after the report, but did find support within a swing area between 0.73685 and 0.7375. The low price reached 0.73727 before starting its move back to the upside.

Price trades at the highest level since September 7th
That move saw the price move back above a topside channel trendline and also a swing level near 0.74095  and the 100 day moving average at 0.74134,  

The high price stalled at 0.74259 which was near a swing area going back to September 6.

The price is currently trading above its 100 day moving average which keeps the buyers more control, but there has been some up-and-down around the moving average level as traders digest the move to the upside. That move has now seen the price move about 260 pips in 11 trading days (from the low at the end of September). The move down from the September high totaled about 308 pips.

A move back below the 0.7400 level would likely disappoint the buyers intraday at least. But there should be some good support near the Tuesday high at 0.7384
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