Corrects 38.2% after 100 and 200 bar MA on the 4-hour stalled the rally today
The AUDUSD moved higher in trading today with help midday, by a break above the 200 hour MA (green line currently at 0.69044). That break propeled the price toward the 100 and 200 bar MAs on the 4 hour chart currently at 0.69307 and 0.69326. The 50% midpoint of the move down from the June 7th high is also in the area at 0.69264.
The cluster of levels helped to stall the pairs run higher today.
Looking at the 5 minute chart below, the correction off the highs tested the 38.2% of the move higher today at 0.69122. That was also ahead of the 200 bar MA on that chart (green line currently at 0.6911).
We are just now moving back above the 100 bar MA on the 5 minute at 0.69223 (blue line on chart below). Stay above that MA, and the 38.2%/200 bar MA at 0.69122 and the bulls remain in control (that is a close risk level).
On the topside, traders will once again be eyeing the 4-hour MAs as topside targets needed to get above to increase the bullish bias. Key area.
