Looks to test 38.2% and 200 hour MA
The AUDUSD has moved higher after the better than expected China manufacturing/non-manufacturing PMI data.
The pair is trading up about 14 pips at 0.7584. The 38.2% of the move down from the November 27th high comes in at 0.7587. That level corresponds with a swing low from Tuesday's trade. Also being approached is the 200 hour MA (green line) at 0.7590.
The area could give buyers some cause for pause. A move above would likely trigger some stops, however, as the move lower could not keep momentum going.
PS. The low from November 22nd (last week) was broken in trading yesterday, but momentum faded and the price rebounded. The low today stalled just above that level and reversed higher.
