AUDUSD 200 hour MA and trend line target at 0.71702
The AUDUSD is trading at new session highs and in the process is testing (now breaking) its 200 hour moving average at 0.71702. A downward sloping trendline also cut across at that level. The next upside target comes against the 50% retracement of the range since August 7 at 0.71754. Moves above all 3 targets would tilt the bias more to the upside.
It is approaching the 11 AM/4 PM GMT London fixing. That may be contributing to the run to the upside as positions are adjusted going into the weekend. Nevertheless, the buyers are making a play from a technical perspective. However a move above the 50% retracement needs to be made to solidify the move and the bias tilt back to the upside.
The highs this week came in on Tuesday at 0.71886. Yesterday's high reached 0.7187 just short of that high and reversed lower as sellers leaned against the level.
