Approaches 100 hour MA
The AUDUSD is trading at session lows falling below trend line support in the process. The price is approaching the 100 hour MA at the 0.7135 level. On Tuesday that price got to within 6 pips of the MA level before resuming the recent corrective uptrend. Today, we have gotten to 8 pips.
The move lower today got it's final push from the shorter intraday 5-minute chart. The price action was up an down but then the 100 and 200 hour MA converged. A final move and test of the two MAs was made, and that was enough to turn the tide (along with the trend line weakness from the hourly chart).
Look for support on the test of the 100 hour MA. I would expect traders who shorted on the breaks today, would lean against the level with stops below. ON a break though, the next support could see a move to the 0.7100-05 area.
