Gold down about -0.65%
The AUDUSD has followed the dollar to the upside (AUDUSD lower). ON the move lower, the price has moved below the 100 hour MA (at 0.74539 currently). Yesterday that MA held support (see blue line).
Trend line support was also broken at 0.7435 (close resistance now) and the 38.2% of the move up from the November 21 low at 0.7425.
The pair did find support buyers at the 200 hour MA at 0.74163. Last Friday, the price moved above this MA and then held on a correction on that trading day.
So overall, the bias remains more bearish BUT with buyers leaning against the 200 hour MA.
When the 100 and 200 hour MA are wide apart like they are, traders will often lean against the lower MA on the first test. That is what we are seeing.
