The AUDUSD moved higher in trading today. In the Asian session, the price extended above its 100 hour moving average (blue line in the chart above), and that ignited more buying interest early on.
The momentum picked up as the US session began. That momentum took the the price above another swing area near 0.6649 to 0.6652 and then the downward sloping 200 hour moving average at 0.6660 (green line in the chart above). The high price today reached through the 200 hour moving average to a high of 0.66676, but momentum faded and when the price moved back below the 200 hour moving average, buyers turned to sellers.
The move lower was held by stronger than expected ISM data
Now the price is making new US session lows and approaches the low price going back to March 24 at 0.66253. Below that, sellers will target the swing low from at 0.66188 followed by the 100 hour moving average of 0.66173. It would now take a move below the 100 hour moving average to put the sellers fully in control. Between the 100/200 hour moving average (like now) is neutral in the short-term with a tilt more to the downside (especially after failing above the 200 hour moving average).
Watching for further selling down to the 100 hour moving average and then traders will make up their mind.
