The 100 and 200 hour MA being testedThe dollars move lower over the last hour, has the AUDUSD moving up as well. The pair is currently testing the 100 and 200 hour moving averages at 0.7676. A move above would be more bullish and would target the 200 day moving average of 0.76969 currently.
Last week, the price extended above the 200 day moving average on its way to a week high near the 38.2% retracement of 0.77287. On Friday after weaker Australian retail sales, that rally fizzled and later the US employment report flows helped send the pair toward last weeks lows at 0.73697. Today, the move higher has seen a step-like move higher, but it is moving higher.
Can it get and stay above the converged MA? The sellers are leaning right now and the price could rotate back toward the recent lows (with 0.76397 a key area).
However, on a break above, we should see sellers turning to buyers and a move back toward the 200 day MA again.