200 day MA being tested in the AUDUSD
The AUDUSD is testing its 200 day moving average (off the bid side) at there 17547. The pair has not traded/closed below its 200 day moving average since end of May 2020.
Drilling to the five minute chart below, like other pairs, the consolidation in the Asian session allowed for the 100 bar moving average (blue line in the chart below) to catch up with the price declines from the post the FOMC tumble.
However buyers started to turn to sellers and use the 100 bar moving average as resistance (stay below the MA line). There have been a couple tests of the moving average line (see blue line in the chart below) with each test finding sellers. A move below the 200 day MA at 0.75476 would give the dip buyers some additional concern. Holding and they have hope for a rebound. Key time for buyers and sellers.
