Key level for the pair
The AUDUSD is currently testing a key cluster of support defined by the:
- 100 day MA at 0.72524
- 50% retracement of move up from November 13 low at 0.7250
- 200 hour MA at 0.72517
The combination should be a barometer for the bulls and the bears. Stay above and the buyers are hanging on to the bias. Move below and the sellers are likely to push even lower.
Earlier today, the levels were tested and the buyers showed up and pushed the price to the 100 hour MA (bearish stall). Will they do it again or do the sellers take more control?