AUD/USD Tests The 100 Bar Moving Average At The 0.9290 Level But Stays Above The 200 Bar Moving Average

The AUDUSD has moved below the 100 bar MA on the 5 minute chart at the 0.9290 level.  That is the bearish slant.  The bullish slant, is the price remains above the 200 bar MA at the 0.9275 level. Traders have been using this moving average as support with the exception of the 30 or so minutes after the Friday US employment report. During this period there were two volatile moves below and above the moving average.  These were the 1st breaches to the downside of this key MA since November 5th (when it broke above at the 0.9079 level)

A break above or below should solicit a move in the direction of the move. The topside would target the 0.9307 high for the day followed by the 2009 high of 0.9327. On the downside the next target would be the 0.9238 level and then 0.9199 which is the 38.2% retracement support of the move up from the November 5th low of 0.9024.  The AUDUSD remains supported by higher commodities and global growth ideas.  Australia is also the only major economy whose central bank has raised interest rates.  The Reserve Bank of Australia has risen rates by 50 Basis points in the last few months.

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