The AUDUSD is banging against the 200 hour MA on the downside today. The 200 hour MA comes in at 0.69659. There have been small breaks of that MA, but momentum has faded on each break and each time the price has pushed higher after the tests.
It will take a move below that MA level and the rising 100 hour MA to tip the pair to the downside once again. Absent that, and the buyers remain more in control.
Having said that, the upside has not exactly been all that successful today. Looking at the hourly chart, the pair has a ceiling near 0.69938. Getting above that level would increase the bullish bias. The high yesterday reached 0.70095. Getting above that level would also open the door for more upside momentum.
Looking back to the low price reached on Friday, the low after the employment report found support buyers just ahead of the 50% midpoint at 0.68638. During trading yesterday, the pair trended higher breaking back above the 100 and 200 hour moving averages in the process. That 200 hour moving average is trying to hold support today. Stay above is more bullish. Move below it and the lower 100 hour MA and the bull run from yesterday, starts to lose its technical bullishness.
