AUDUSD tests cluster of MAs

Technical Analysis

100 hour moving average, 100 day moving average and 200 hour moving average tested on the AUDUSD.

The AUDUSD is down trading at new session highs after erasing earlier declines that saw the pair move to the lowest level since December 2020.  

The rise has now taken the price up to a cluster of moving average levels including the 100 hour moving average (at 0.76129), the 100 day moving average (at 0.7623) and the 200 hour moving average (at 0.7626).  

The price has been waffling above and below the 100 day moving average going back to March 24. Yesterday after trying to extend above the moving average (for a single bar), sellers took over and pushed the price down.  Today, the low from March at 0.75626 was broken on the way to 0.75315.  

Momentum lower could not be sustained, and after trading above and below the March low for about 4-5 hours, the price has squeeze back to the upside and to the low of the MA cluster.   

It would be disappointed for the sellers once again if the price can move back above the 100 day moving average, and also move above the 200 hour moving average. The last time the price traded above the 200 hour moving average was back on March 19 (at a much higher level of 0.7748).  

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