The 100 day MA at 0.7478
The AUDUSD is back down testing an old friend from earlier this week - the 100 day MA. The MA comes in at 0.7478 the low is a pip or two below that level. We trade at 0.7485 now.
Earlier this week, sellers took the price below this key MA level. Admittedly, the price traded in a choppy fashion above and below the level on Tuesday, Wednesday and again yesterday. After the weaker retail sales headline yesterday, the price spiked higher and tested the 100 hour MA (blue smooth line in the chart above) only to fall back down.
The buyers ended up pushing back to the upside and ended above the 100 hour MA. That break tried to hold in the London morning session today, but the CPI broke the back of that support, and the pair has moved back to the 100 day MA. The traders tried the upside (like the tried the downside earlier this week) but did not get the push from the data.
So resistance at the 100 hour MA now and support at the 100 day MA. A break below the 100 day MA will test the resolve of the sellers - once again. The battle goes on in this pair.
