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AUDUSD bumps against – and now through – the 100 AM

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AUDUSD bumps against – and now through – the 100 AM

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AUDUSD on the hourly chart

AUDUSD moved higher this week after bottoming out before near support at 0.7142-0.7145 on Monday. Momentum started to pick up on Tuesday and on Wednesday after breaking above its 200 hourly moving average with momentum, the pair reached and crossed the 100 day moving average at 0.72842.

After correcting lower in early Asian trading on Thursday in a swing zone between 0.7272 and 0.7276, the pair made its final push higher and back above the 100-day moving average to hit a high of 0.73135.

Today a last push above the 100 day moving average at 0.72842 failed and led to seven hourly bars down. The lows have reached the 100 hourly moving average at 0.72384 currently and caused a break. The last three hours have seen some consolidation from top to bottom, but the current bar is moving back below the 100 hourly moving average and has just traded towards a new session low.

Salespeople take matters into their own hands.

The next target is 50% upside from last Friday’s low at 0.7221. Below is the 200 hourly moving average at 0.72168. Move below the 200 hourly moving average and the technical bias tilts even further in favor of the sellers.

For the week, price is still above Friday’s close at 0.71805. It is also still above the 50% January trading range. However, there was the breakout above the 100-day moving average and also a top zone between 0.72721 and 0.7226, which spoiled the party for the bulls.

With the price between the 100 and 200 hourly moving averages, going below the 200 hourly moving average is still necessary to increase the bearish bias, but the momentum is currently in that direction.

AUDUSD bumps against – and now through – the 100 AM

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