Since the AUDUSD bottomed and I wrote outlined reasons for a potential bottom (CLICK HERE) there has been a small bounce that has taken the price (by default more than anything) above the 100 bar MA (blue line) in the chart below.
The price is holding above that level but should the price go below the 0.8836 level, then I start to lose patience with the trade. The support is established as per the prior post, but the buyers have some proving to do and they need to show they can get above some target hurdles in the new trading day.
Either case, a test of the 200 bar MA (green line in the chart below), will likely attract sellers on the first test. That MA is currently near the 38.2%. There are other targets to get through first including topside bear flag trend line at 0.8852, corrective highs from NY (0.8858)) and then the 38.2% and 200 bar MA area (at 0.8867)
AUDUSD buyers have to start proving they have some power.
