The AUDUSD moved higher this week after bottoming ahead of support near 0.7142 to 0.7145 on Monday. THe momentum started to pick up on Tuesday and on Wednesday after moving above its 200 hour moving average with momentum, the pair shot to and through the 100 day moving average at 0.72842.
After correcting lower in early Asian trading on Thursday into a swing area between 0.7272 and 0.7276, the pair made its final push to the upside and back above the 100 day moving average to a high of 0.73135.
Today one final effort above the 100 day moving average at 0.72842 failed and led to seven hourly bars to the downside. The price lows reached the 100 hour moving average at 0.72384 currently and had cause for pause. The last three hours have seen a consolidation up and down, but the current bar is breaking back below the 100 hour moving average and just traded to a new session low.
Sellers are taking charge.
The next target comes in at the 50% of the move up from last Friday’s low at 0.7221. Below that is the 200 hour moving average at 0.72168. Move below the 200 hour moving average and the technical bias tilt even more in favor of the sellers.
For the week, the price backis still above the close from Friday at 0.71805. It is also still above the 50% of the January trading range. However, there was the failure above the 100 day moving average and also a ceiling area between 0.72721 and 0.7226, that has spoiled the party for the buyers.
With the price between the 100 and 200 hour moving averages, getting below the 200 hour moving average is still needed to increase the bearish bias, but the momentum is currently in that direction.