Looking that major currency pairs, the USD higher has been the theme of late (of course). That has taken the price away from the 100 hour MA in the favor of the dollar bullish side of that MA.
With the dollar moving lower today as Powell is a little less hawkish, the price’s are approaching the 100 hour MA in the respective currency pairs. However, apart from the USDJPY (the price moved below its 100 hour MA), and now the AUDUSD (the price moved above it’s declining 100 hour MA), the other pairs still have work to do to get to and through their 100 hour MAs .
Looking at the hourly chart, the AUDUSD’s 100 hour MA comes in at 0.6983. The current price is at 0.6893. Admittedly, the price has traded above and below that MA level, but buyers are certainly making a play.
If the price can stay above the 100 hour MA, the 38.2% of the move down from the June high comes in at 0.7015. Get above that level and the buyers will breathe easier.
Conversely move below with momentum and the buyers might easily give up.