The AUDUSD moves back toward a test of the 100 day MA. Key level for the bias barometer.
The pair moved above the 100 day MA for the first time since July 23
The AUDUSD moved above the 100 day MA earlier today for the first times since July 23, 2019. That MA comes in at 0.68559. Getting above - and staying above - is key for the bulls in the pair.
The high today reached up to 0.6879, but fell short of the mid-September highs at 0.6884-89 and then at 0.68941.
The price has come off and looks back toward the 100 day MA for a retest. That level is a key barometer for both the bulls and the bears. A move below will be a tilt for the bears. Staying above, should give the bulls/buyers more upside confidence (as long as it remains above).
The fact is the bulls/buyers have made a play above the 100 day MA today. Can they keep that bias switch off the key daily moving average in their favor on the test. Look for buyers to lean against the level with stops if the price starts to trade comfortably below that moving average level..