The AUDUSD moved up yesterday, and in the process moved above the 200 day MA and the 50% midpoint of the range of trading since the October low. However, sellers leaned against the 200 bar MA on the 4-hour chart (currently at 0.6577). Today, the press initially moved to the upside but found willing sellers ahead of that moving average level. It also stalled near its 50% midpoint at 0.65699. The inability to get above those levels turn buyers to sellers.
The price has continued the move lower in the US morning session, and is moving toward at 100-day moving average at 0.65398. Below that is its 100-bar moving average on the 4-hour chart at 0.65273.
With the price in between 200-bar moving averages (daily and 4-hour charts) on the topside, and 100 bar moving average (100 day MA and 4-hour charts) on the downside, traders will be waiting for the next shove outside of those ranges.
Later today, the FOMC meeting minutes will be released. Will we get the shove from that event?
This article was written by Greg Michalowski at www.forexlive.com. Source