AUDUSD retraces earlier gains, but find some support buying.


Trend line and 100 hour moving average keep a lid on the upside

The AUDUSD has retraced its earlier gains. The early Asian session low reached 0.7235 area. Swing lows from the New York afternoon session also bottom near that level. The low price just reached 0.7234.  So far support buyers are leaning against that low level.  The low price from yesterday reached 0.72199. That was close to the August 27 low price at 0.72217.

Trend line and 100 hour moving average keep a lid on the upside_ 

The price is well off the high price from the London morning session at 0.72823.

Looking at the hourly chart, that high price did look to test the downward sloping trendline at 0.72838 (the high price reached 0.72823). The falling 100 hour moving average is also in play near that level. The 100 hour moving average level currently comes in at 0.7284 (and moving lower – see blue line in the chart above). 

See also  Long Position

Ultimately, with the downward sloping trendline continue to hold resistance along with the 100 hour moving average, it will take a move above both to increase the bullish bias. Absent that and the overall trend remains more to the downside at least in the short/medium term.

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