The AUDUSD corrected higher today and in the process snapped a 5-day down streak for the pair (higher USD in the process). The correction higher, however, it did find willing sellers against its falling 100-hour moving average of 0.63914. Ultimately if the buyers are to take control, they need to get above – and stay above – the 100 hour moving average of 0.63914. Absent that and the sellers are still more in control.
This article was written by Greg Michalowski at www.forexlive.com. Source