AUDUSD tests 100/200 day MAs. Key technical levels for the pair.

The AUDUSD is pushing to a new session high and in the process is testing its 200-day moving average of 0.66949. The price has already moved above its 100-day moving average of 0.66866. Staying above the 100-day moving average keeps the buyers firmly in control.

On Tuesday and again on Wednesday, the price moved above those moving averages only to fail and extend to a new week low during Thursday’s trade at 0.65987. That low approached but could not take out the swing lows from last week between 0.6594 and 0.6603. A rebound started.

The US jobs data sent the price higher, but resistance stalled the rally ahead of the 100-hour moving average (currently add 0.66632). After a correction lower, the price started to run back to the upside breaking above both the 200 and 100-hour moving average in the process. The move has now extended to the aforementioned daily moving average targets.

On a move above the 200-day average, the price will target the high from Tuesday’s trade at 0.6705 and then the 38.2% retracement of the move down from the June high. That level comes in at 0.6711. Getting above that level is the minimum retracement if the buyers are to show they are serious about moving to the upside.

Buyers are making a play. Getting above the 200-day moving average is the next key hurdle.

This article was written by Greg Michalowski at Source