AUDUSD tests its 100 day MA/key swing area. Will sellers lean?

The AUDUSD AUD/USD The AUD/USD is the currency pair encompassing the Australian dollar of the Commonwealth of Australia (symbol $, code AUD), and the dollar of the United States of America (symbol $, code USD). The pair’s rate indicates how many US dollars are needed in order to purchase one Australian dollar. For example, when the AUD/USD is trading at 0.7500, it means 1 Australian dollar is equivalent to 0.75 US dollars. The Australian dollar (AUD) is the world’s fifth most traded currency, whilst the US Dollar The AUD/USD is the currency pair encompassing the Australian dollar of the Commonwealth of Australia (symbol $, code AUD), and the dollar of the United States of America (symbol $, code USD). The pair’s rate indicates how many US dollars are needed in order to purchase one Australian dollar. For example, when the AUD/USD is trading at 0.7500, it means 1 Australian dollar is equivalent to 0.75 US dollars. The Australian dollar (AUD) is the world’s fifth most traded currency, whilst the US Dollar Read this Term is one of the strongest currencies Currencies Currencies are a typically a form of money in wide circulation, being the primary medium of exchange with respect to buying and selling goods and services. These are often issued by a specific government or collection of governments, by way of paper notes and coins. Other forms of currencies include previous metals such as gold and silver, and digital currencies such as Bitcoin. Currencies serve as a backbone of the country’s or countries’ economy, due to the perception of value held by the popu Currencies are a typically a form of money in wide circulation, being the primary medium of exchange with respect to buying and selling goods and services. These are often issued by a specific government or collection of governments, by way of paper notes and coins. Other forms of currencies include previous metals such as gold and silver, and digital currencies such as Bitcoin. Currencies serve as a backbone of the country’s or countries’ economy, due to the perception of value held by the popu Read this Term today as risk on flows sent funds into that currency/currency pair.

Looking at the daily chart, the price is moving up to test it's falling 100 day moving average currently at 0.70895. The high price just reached 0.70866 just below that level. The price currently trades at 0.7082.

Also near that area is a swing area between 0.7068 and 0.7094. Moving above all those levels would increase the bullish bias and have traders looking toward the 200 day moving average at 0.71522 as the next key target on the daily chart.

On the downside, the pair today also broke above it 38.2% retracement of the move down from the April high to the July low. That level comes in at 0.70552 and represents close support on a dip. Move below and there could be some disappointment in the failure to crack above the topside targets and stay above the broken 38.2% retracement level.