50% and MA stall the fallOne of the biggest movers so far today is the GBPAUD. It has seen the pair move 0.85% lower. The GBP is the weakest currency today. The AUD is the strongest.
Although lower, the pair may have reached a stall point.
Looking at the 4-hour chart above, the pair stalled yesterday at swing highs from October 26 and October 30th (1.7229-38 area). The high reached 1.7232.
The fall today has taken the price to the 100 bar MA on the 4-hour chart (blue line). That MA comes in at 1.70403. The low today reached 1.7036. Close enough. The 50% retracement of the move up from the October low is also in the area at 1.70247. By the way, that low bounced off both the 100 and 200 day MA lines. Great bottom.
Below that the 200 bar MA on the 4-hour chart and swing levels come in at the natural 1.7000 area.
All that has traders thinking stall the fall and we have seen that so far.
Although stalled, the corrective move higher could run into some upside resistance at the 1.7084 and 1.7095 area. The 100 bar MA on the 5-minute chart and the 100 hour MA are at those levels currently.