AUDUSD trying to bottom. Two days up.

The bearish side? 200 hour MA holds above.

The AUDUSD is up for the 2nd consecutive day. Seeing the pair has been on a one way ticket to the downside since December 3, with 8 of 10 days moving lower prior to the last two up days, that is a result. The move to the upside, has taken the price back above the September 2015 low at 0.6896 (it went above on Monday, but fell back lower).

That is the bullish news. The bearish news is the 200 hour MA (green line in the chart below) held resistance and the price backed off.

The price is holding above the 100 hour MA (blue line - bullish). So all is not so bad. Last week, the price moved above the 100 hour MA on 2-separate occasions. Each failed. So traders will want to see the price base here and move higher. If it can, perhaps there can be more upside. PS. The price of AUDUSD has not traded above the 200 hour moving average since January 4, 2015.

The move will probably need some continued stock market relief. Is there any good news out of China? then again it could just retrace part of the January plunge. The fall has seen the pair fall 470 pips from the 2015 high. A 38.2% correction of that move could see the price head above 0.7000.