100 day MA at 0.7602
The AUDUSD has seen the price move back below the 100 day MA near 0.7602 on it’s way to a low at 0.75822. That low reached a swing low from Feb 5 at 0.75822. The low for the year was further lower at 0.7563. Needless to say, the low today could not get that far.
The price rebound has now seen the price move back above the 100 day MA, giving the dip buyers some leverage once again. If the price can stay above, there could be more upside probing. Watch 0.7632-37 for intraday bias clues on a bounce. Get above would be a step in the “buy” direction.
Drilling down to the 5-minute chart below, the pair trended lower yesterday, and in the process stayed below the 100 bar MA.
In the early European session, the price moved above the 100 day MA AND the 100 bar MA on the 5-minute chart (see lower blue lines in the chart below). That started a run higher that saw the price move above the 200 bar MA (green line).
Since that time, however, the price has chopped up and down between a developing ceiling at 0.7627 and the 100 day MA below at 0.76018. In between sits the 100 and 200 bar MAs on the 5-minute chart at 0.76087 and 0.76130 (blue and green lines). The price is traded above and below those moving averages in the New York session, but it is currently above.
Stay above those MA levels on the 5-minute would keep the dip buyers in play. A move back below and then back below the 100 day MA, would not be good for those buyers (risk now).