The AUDUSD based at the 100 hour MA (blue line) today and broke above the 200 hour MA (green line in the chart below) with the overall dollar weakness. The pair is up testing what should be key resistance against the 0.8200 level. This was where lows and highs were centered in Mid December. It also is the 38.2% of the move down from December 11.
AUDUSD looks to test the 0.8200 area after bouncing off the 100 hour MA.
Can the pair go higher?
Looking at the daily chart, the pair has been on a downward spiral since the middle of November. The move away from the 200 hour MA is a big step. The price has not spent much time at all above the 200 hour MA since November 19th (not shown but take a look yourself). So today’s break is a change in the technicals that does give sellers a cause for pause.
AUDUSD on the daily chart.
