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The move back below the 100 hour MA hurts the bulls
Earlier in the day, the AUDUSD held the 50% retracement of the last move higher from the low yesterday at 0.77604. That kept the buyers in play.
The subsequent move below the level, however, saw the buyers turn to sellers, and on the break of the 100 hour MA (at 0.77475), the selling has intensified. The price just moved back higher to iretest that 100 hour moving average and found sellers.
Clearly, the tide turned more in the favor of the sellers on the break of the 50% and the 100 hour MA. It will take a move above the 100 hour MA to hurt the bearish bias now.
On the downside, the 0.7699 to 0.7710 area remains key support target. Recall from yesterday, and again last Thursday, the price bottomed in this area and moved higher.
This article was originally published by Forexlive.com. Read the original article here.