AUDUSD rotates back toward the 100 hour moving average

The AUDUSD moved higher into the late London morning/early NA session, but after reaching a high of 0.69953 – and stalling ahead of the natural resistance at 0.7000 – the price started to rotate to the downside over the last few hours of trading over.

That move took the price back down toward the 100 hour moving average at 0.69615 where buyers have been leaning over the last 2 hourly bars. The price currently trading at 0.6969.

If the sellers are to take more control, getting below the 100 hour moving average would be required. Conversely, a move back toward the 0.7000 level would next have traders targeting the 38.2% retracement of the June trading range, and the falling 200 hour moving average. Both of those levels come in at 0.7015.

Recall on Thursday of last week, the price tested the 200 hour moving average, only to find sellers against that moving average level. As a result, getting above the 200 hour moving average would be a