AUDUSD reverses higher and finds resistance just ahead of the 100 hour MA

The AUDUSD has reversed back higher with the overall USD selling after the weaker ISM services data and the ambiguous US jobs report. The move higher has now taken the price back above the close from yesterday at 0.6706. A close above would snap a 5-day losing streak in the pair which saw the price move below the 61.8% of the December trading range at 0.66567. The 50% of the December range is at 0.66975 and trading above that is also a shift to more positive.

What is still not so bullish in the short/medium term, is that the price rise stalled ahead of the falling 100-hour MA at 0.67496. The high price reached 0.67473.

So buyers and sellers are back in play and there is something that buyers and sellers can “believe” in. That is good and bad. The good is the levels to break for buyers and sellers are known. The bad is the buyers or sellers could still win. The battle is on. Look for the next break.

This article was written by Greg Michalowski at Source