Retest of the 200 day MA found buyers. The 200 and 100 hour MAs in play
The AUDUSD moved lower in the early New York session, and in the process retested its 200 day moving average near it 0.7557. The price low reached 0.7554 and could not go any further. The price quickly rebounded and is now back up retesting the hourly moving averages.
The 200 hour MA is at 0.75662. The 100 hour moving average is at 0.75736. The price just ticked above the higher 100 hour MA, but is not running.
Buyers are trying to make a more bullish play intraday on the holding of the 200 day moving average and the moves above the 200 and 100 hour moving averages. If the price can stay above each of those hourly moving averages, the buyers would assume more control.
This article was originally published by Forexlive.com. Read the original article here.