The 100 and 200 hour MA at 0.6780
The AUDUSD raced through the 100 and 200 hour MAs at 0.6780 level on the headline news and raced to a swing area at 0.6816 to 0.68215. Sellers leaned and the price has rotated lower. However, it remains above the 100 and 200 hour MAs at 0.6780 (both are converged at that level now). We currently trade at 0.6794.
The 200 hour MA was tested and broken on Thursday and Friday, but momentum just wasn’t there. Today’s break was more pronounced and is holding above so far. Stay above and the “risk on” trade could continue with 0.68313 (38.2%) and then 0.6861-66 as the next targets….