AUDUSD turned away at the 200 day MA /trend line

Technical Analysis

AUDUSD trend line at 0.7191. 200 day MA at 0.71956. 

The AUDUSD moved up to a high today at 0.71917. That was just above a trend line connecting the June, December and January highs at 0.7191. Just above those levels sits the 200 day MA at 0.71956. 

Needless to say 0.7191-96 is a key resistance area and traders leaned against those levels on the first test.  We currently trade at 0.7176.   The correction off the high has moved down to the 0.7174 level which was the high from Wednesday.  A move below may give sellers a reason more of reason to take profit ahead of the weekend.  THe 38.2% of the move up today comes in at 0.71626.  That would be the next target on a move lower. 

If the 0.7174 level can stall the fall, there may be another run to that key resistance area above, but my guess is that it would be harder after the initial turn away at the key levels.  

The AUDUSD is testing the Wednesday high.


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