The AUDUSD continues to bounce off key MAs. The 100 hour MA stalled the fall today

The AUDUSD moved sharply higher last week, reaching a high of 0.71802 before correcting lower into today’s trading.

That correction found support against the rising 100-hour moving average, currently at 0.71407. Buyers leaned against that key technical level and have since pushed the price back to a new session high near 0.7160.

The successful test keeps the buyers in firm control. As long as the price remains above the rising 100-hour moving average, the technical bias stays tilted to the upside.

The next target is last week’s high at 0.71802. A break above that level would open the door toward the 0.71966 to 0.72007 area, followed by another swing area between 0.72210 and 0.72283.

What would disappoint the buyers?

A move back below the 100-hour moving average at 0.71407 would weaken the short-term bias and have traders looking toward the 61.8% retracement at 0.71193. The rising 200-hour moving average is also nearby at 0.71131, increasing the area’s importance as downside support.

For now, the buyers leaned where they needed to lean and have been rewarded with a rebound. They remain in control, but getting above 0.71802 is the next step if the upside momentum is going to continue.

This article was written by Greg Michalowski at investinglive.com.

提供 MainLink：Investinglive RSS Breaking News Feed