AUDUSD trades toward the higher extreme

The AUDUSD started the week below MAs and pounding lows near 0.6628 and 0.66399. The price on Tuesday started to move higher and traded above and below the 100/200 hour MAs . Today, the price moved above the 200 hour MA and extended toward the upper end near 0.67239 and 0.67296 where highs stalled on a number of times ahead of the extremes (which stalled at the 200 day MA)

So what now?

The ups and downs are synonymous with market traders which are "going with the flow". The most recent flow is to the upside and back above the 100 and 200 hour moving averages. The dip in the US trading did retrace toward the 200 hour moving average but found early buyers against that moving average , and have since pushed the price back to the upside. Stay above the 200 hour moving average and below that the 100 hour moving average and the buyers are holding the stronger bias. Move below and the sellers take back control.

On the top side the 0.67239 – 0.67296 area becomes the next hurdle to get to and through and then traders would target the 50% of the move down from the February 20 high at 0.67417, and above that the falling 200 day moving average of 0.67527.