AUDUSD moves back up toward 100 hour MA

Technical Analysis

The 100 hour MA and swing area around the 0.7050 area

The AUDUSD has been under pressure as slowing global growth and exposure to slowing China weighs on the pair.

Today, however, despite the much weaker China trade data, the pair has seen a push off the lows.  

The US jobs data sent the price to a new day high, but the pair did stall at the 100 hour MA and a swing area from the last few days.  That area comes in at 0.7048-507.  The high price reached 0.70502 and backed off. The price is now moving back toward that level.

The fundamental story is still bearish but the price action today says there is some cause for pause. The technicals can tilt a little more to the upside on a break of the 0.70483-507 area.  Above that, the 0.7070 area and the 38.2% at 0.7077 would be targeted (if the price can stay above the 0.7050 area). 

ForexLive

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