The AUDUSD moved higher in the Asian session helped by better China data including GDP and industrial production. The move to the upside took the price above its 200 hour moving average 0.63682, and saw the pair extend above a swing area between 0.6379 and 0.6387 (the high price reached 0.63928). However, the momentum could not be sustained and buyers turned to sellers on the break back below the swing area down to 0.6379).
In the early US session, the price was able to extend back below its 200-hour moving average. That moving average will now be close resistance intraday. Staying below keeps the sellers more in control. There is the low of a swing area near 0.63559 which is trying to hold support. A move below that level would have traders looking toward the falling 100-hour moving average at 0.63385.
The bias is more to the downside after the buyers had the shot above the 200-hour moving average and above the aforementioned upper swing area up to 0.6387. Staying below the 200-hour moving average keeps the pressure on with the 100-hour moving average at 0.63385, the next major target for sellers.
This article was written by Greg Michalowski at www.forexlive.com. Source