Forex technical analysis: AUDUSD hangs around 100 day MA

It is at a key crossroad technically

The AUDUSD fell below its 100 day MA (blue line in the chart below) last Friday and moved to the lowest level since July 14th. That low reached 0.77326. That was just above the 0.77307 level. The 0.77307-55 area is home to a number of swing levels going back to August 2016 (see red numbered circles). It is the 10th swing level in that yellow area. Key area.

The price rebound off the floor, has move back up to test the 100 day MA at 0.77895 (blue line in the chart above). The high today did reach 0.7796 but activity has slowed/stalled around the level (but below the natural 0.7800 level).

Drilling to the hourly chart below, the rally higher is also up testing the 100 hour MA (smooth blue line in the chart below) at 0.7789.

This is a key area. Great support below. Some formidable resistance above as well.

PS on a move higher, it would still need to get above the 200 hour MA at 0.78107. That MA did stall the corrective rally last week (see hourly chart). Be aware.

Let's block ads!(Why?)

Read Again Forex technical analysis: AUDUSD hangs around 100 day MA : http://ift.tt/2xwBsIJ

Let's block ads! (Why?)