200 week MA comes in at 0.7967
The AUDUSD is moving higher. Helped by gold and precious metals which are leaping higher. Gold is up about $19.50 on the day and trades at $1311 - comfortably above the key $1300 level.
The price is currently trading at 0.7967 (green line in the chart above). That is right around the 200 week MA at 0.79673.
During the weeks of July 23rd and July 30th, the price did trade above that MA level. It was the 1st and 2nd looks about the MA since May 2013. That is a long time ago and should have solicited a momentum break and run above. However, the rally stalled and closed back below the key MA line by the end of the week.
Will the 3rd time be the charm this week?
Right now the test is on. The high reached 0.7968. So traders are leaning against the level.
However, should there be a break and if there is additional momentum, the 200 week MA will become support instead of resistance. Key test for the pair.
