Forex technical analysis: AUDUSD falls to MAs and sees a bounce
Retraces the retail sales gains
The AUDUSD moved up to the underside of an long trend line in the Asia-Pacific session, and moved back lower.
The fall has culminated in a run to the 100 and 200 hour MA at 0.78458-0.78508. Traders used the levels to land and the price has rebounded a bit. The move lower did retrace the gains from the better than expected retail sales from Thursday.
Looking at the daily chart, the price high today was able to get above the 61.8% and the high from October 2017 at 0.7886-96. The high reached 0.7904. The failure may be enough to take the wind out of the bulls sales, at least for a trade.
Drilling to the 5-minute chart below, the 50% of the day's trading range comes in at 0.7874 (see chart below). That is also where the 100 bar MA on the chart comes in (blue line). We are testing that now. Do the sellers lean intraday right now? It is a sell area for bears. A move above has the 200 bar as a stop/risk.