AUDUSD works its way back up to the 200 and 100 hour MA area. Slows the rally.

Technical Analysis

Author: Greg Michalowski | audusd

Yesterday the 100 hour MA was broken. Today the 200 hour MA was breached

The AUDUSD fell below its 100 hour moving average in trading yesterday (blue line in the chart below). The pair did correct to retest the moving average level, but stalled against the line and rotated back lower.

Yesterday the 100 hour MA was broken. Today the 200 hour MA was breached
Today, the downside momentum was continued on the break of its 200 hour moving average (green line).  The low price reached 0.6829. That was just into the 0.68246 to 0.68296 area that was defined by swing highs and swing lows from September 5 and September 6 (see lower yellow area and blue numbered circles).

The run back to the MA levels has seen traders start to lean (at least over the last hour or two).  It will take a move above the 100 hour moving average to solicit more momentum buying.  

If resistance holds, and the price moves back below the 0.6848 level, there should be more selling.  

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