$AUDUSD takes another step higher as it bounces off the 100 bar MA.
Written December 1, 2009 at 11:38 AM EST by Greg Michalowski
The AUDUSD held the 100 bar MA on the 5 minute chart and used the level as a springboard to new highs for the pair (see prior post). The push also moved the price back above the daily trendline which was compromised by the sharp correction on Friday.
The pair is back above this level and looks toward the next target at 0.9287 (trendline in chart above) and 0.9321 (double top from November 25th and 26th. ). Support remains against the 100 bar MA on the 5 minute chart. If it works once and twice, the moving average’s level of importance rises for the technical trader. Look for buyers on dips. A break below (blue line in the chart below) is a clue that the topside momentum is over for the time being.
Categories: Forex Trading | Tags: AUD/USD
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