The AUDUSD rotates back toward the 200 hour MA

Technical Analysis

Author: Greg Michalowski | audusd

200 hour MA on AUDUSD comes in at 0.5941 currently

The AUSDUSD was able to extend above its 200 hour moving average in the Asian session for the 1st time since March 10. The price extended up to a swing area in the 0.60778 to 0.60989 area. Also in that area set the 50% retracement of the move down from the March 9 low at 0.60945.

200 hour MA on AUDUSD comes in at 0.5941 currently
The high price could only extend up to 0.6074 as sellers leaned against the resistance.  The last 6 or so hours has seen the price rotated back lower and in the process, is getting back closer to the 200 hour moving average at 0.5941 currently. The low has reached 0.59529 on the current bar. 

It took so long to extend above the 200 hour moving average, that you kinda expect buyers to lean against the MA on the first look. However if the moving average is broken, look for buyers to turn into sellers. The next target below would be against the rising trend line at 0.5904 (and moving higher).  Below that, and the 100 hour moving average at 0.58661 will be back in play.

Hold the 200 hour moving average and the rotation back above the 0.59845 high price from March 20 could see a rotation back higher as buyers breathe a sigh of relief. Watch that level.
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