The AUDUSD as seen some of the volatility up and down through the FOMC decision and into today's trading. Yesterday the price moved above (and closed above) its 100 hour moving average for the first time since September 10 after the FOMC decision. However momentum stall ahead of the 200 hour moving average (green line in the chart below).
The subsequent move back to the downside yesterday and into today had the pair re-testing the lows from Monday, Tuesday and Wednesday near 0.72196 (the low today reached 0.7222 and bounced), before moving back higher and getting back above the 100 hour moving average (currently at 0.72526) and ultimately the 200 hour moving average (currently at 0.72895) in the North American morning session.
The price high so far reached 0.7312.
The price is backed off to retest the 200 hour moving average at 0.72895. If the price can hold that level, the buyers are remain in control with the 38.2% retracement of the move down from the September high at 0.73184 as the next upside target. Move below the 200 hour moving average and the price is between the 100 hour moving average below and the 200 hour moving average above with a more neutral bias.
For now, the buyers are making a play. Can they keep the momentum and the bias in their favor by staying above the 200 hour moving average?