The AUDUSD over the last 12 or so days has seen sharp moves up and down. Over that period, traders have tried to push the pair outside what has been the meat of the ups and downs range which has seen most of the trading. That value area comes between 0.6233 to 0.6346 (see red and green numbered circles).
IN between sits the 100/200 hour MA. The 100 hour MA is at 0.62977. The 200 hour MA is at 0.62859.
Today, the pair traded to the highest level since October 7 and extended the gains from Friday's trade, but after trading as high as 0.64099, the sellers entered and took the price not only back into the value area (see red box), but also to and through the 100/200 hour MAs at 0.62977 and 200 hour MA at 0.62859. The sellers had there shot, but could not move toward the low of the value area.
The price is currently back above the higher 100 hour MA at 0.62977. Can the buyers stay above the MAs and push back higher? That is the decision technically. If the price does rise, getting and staying above the 0.63456 is needed to increase the bullish bias. Then traders can look 0.6363 and .63899 and then the high for today (which is within another swing area between 0.64109 to 0.64154).
