AUDUSD runs out of downside corrective steam.


2nd break in the last 3 days below the 100 hour MA did not find much sellling

The AUDUSD fell below its 100 hour MA on Friday but despite trading below for a number of hours, the momentum could not be established and the price moved higher. 

2nd break in the last 3 days below the 100 hour MA did not find much sellling

Today we have seen similar breaks and the break may be failing (or at least not making sellers all that happy). 

Now the last fall was in the last hourly bar. The move higher has been limited. However, if the price moves back above the 0.7700 to 0.7702 area, I would think sellers would look to throw in the towel.  

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By Jonathan Prop

Jonathan Prop is an independent financial advisor. He has been working in finance for the last 20 years. After retiring early in his 40s, Jonathan decided to help others get to grip with financial markets, particularly his area of expertise - forex!

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