AUDUSD falls. Tests Friday low. Bounces.

Breaks below MA levels/trend line. Stalls at Friday low.

Earlier, I commented about the AUDUSD finding support against the 100/200 hour MAs (see post). That level was breached and the pair tumbled lower.

The fall did not stop until the pair reached the low from last Friday at 0.76171. The low today reached 0.76176 before bouncing back. Helping the pair might be stocks which are trading at record levels again (risk on). Also, there was some decent economic data out of Australia at the start of the day (business conditions were better and China inflation was also higher)

Technically, the pair is climbing it's way back toward the 100/200 hour MAs at 0.7651 area. The underside of the broken trend line is also being tested. at 0.7647. There should be sellers against the MAs on a test but a move above will have sellers, feeling that they are losing control.