The AUDUSD had been able to push above the 200 hour MA (green line) after ping-ponging between the 100 and 200 hour MA.
AUDUSD has moved above the 200 hour MA after holding the 100 hour MA earlier.
Now we want to see that break, lead to further upside momentum.
What is the daily chart saying?
Well, the pair has been hit – and hit hard in November and December. In January the pair made new lows. Yesterday the low took out the Tuesday low by 2.5 pips. HMMMM>T hat is not too impressive is it? Buyers showed up there. The price is back above the low price from 2014 at the 0.8087 level.
The pair is trying to build a solid foundation. Staying above the 200 hour MA at 0.8120 would be the ideal scenario for the bulls. If not that, the 100 hour MA (at 0.8092) and the low from 2014 at 0.8087 is another technical line in the sand for traders who may be thinking the low is in place. If so, there is room to roam higher with 0.8282 (broken trend line on the daily) and the 38.2% at 0.83.23 targets on the topside.
AUDUSD trying to build a foundation on the daily chart.
