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Looks to test 100 hour MA at 0.7635
The AUDUSD peaked this week at the converged 100/200 hour MAs at 0.7754. That high was on Monday. The next three days saw the price move below swing lows at 0.7699 on Tuesday. The price fell to the 100 day MA around the 0.7600 area on Wednesday and traded above and below that MA on Wednesday and Thursday. The low reached 0.7563. The move down was about 190 pips from the high to the low.
Today, has seen the price rebound and in the process move back above the 100 day MA at 0.7610 area (bid side). The high is is currently testing its 100 hour moving average at 0.76356. A swing area between 0.76209 0.76372 is also in the 100 hour MA area. The 100 hour moving average should give traders some cause for pause as risk is defined and limited. A move above with more momentum would spoil that trade idea.