The AUDUSD made a two week low on Friday after the nonfarm payroll report. At the low, the pair moved below its 50% midpoint of the move up from the December low at 0.71342, but quickly reversed and has not returned back to that key level since then.
The low price from yesterday and the low price from today have been progressively higher. The low price today came after buyers tried to push the price above its 100 hour moving average in the Asian session and early European session, but could not develop much momentum.
However the dollar selling has sent the price spiking through the 100 hour moving average at 0.71803 (blue line) and up toward 0.7200. That high for the day still short of the high from yesterday at 0.7202. Get above it and the falling 200 hour moving average (which was broken last Wednesday) would be targeted. Get above that level and the door opens for further upside momentum as the bias improves.
Buyers are trying to take more control and build on the low from Friday. Getting above the 200 hour moving average would be more bullish. Risk for longs would now be the 100 hour moving average at 0.71803..
