The AUDUSD corrected in the early Asian session after the sharp move higher yesterday took the price above the 200 day moving average and a retest of the high price from Wednesday. The move to the downside in the Asian session took the price down to retest the 200 day moving average at 0.66905. Support buyers leaned against that he moving average level. Sellers turned to buyers and pushed the price to new highs for the week.
The run to the upside however did reach the next key target at the 100 day moving average at 0.67403. That has been the high so far today. Will the sellers now leaned against that level?
A corrective move to the downside would have traders looking toward the 0.6717 highs from Wednesday and Thursday. It would take a move below that level to increase the bearish bias.
A move above the 100 day moving average with momentum would open the door for further upside potential for this pair as it continues the run higher after bottoming on May 31 at 0.64576 (up about 282 point this month).
