AUDUSD testing 200 hour MA at 0.8946

Written February 23, 2010 at 10:53 AM EST by  

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gregmike-00548

The AUDUSD broke through support at the 100 hour MA (at 0.8980) and the pair has moved immediately down to the 200 hour MA level at 0.8946. We outlined these levels in the morning videos.  The pair seems to be stalling at the level currently but could come under additional pressure if the price does not rebound soon.   Be aware. On the topside, the mkt will be watching the 100 hour MA at the 0.8980 level.  The ability to bounce 4 times off that moving average level and then giving way and the fact the moving average is flattening, suggest the bias is down.  A break above will muddy the water for the short term bears, however.

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2 Responses to “AUDUSD testing 200 hour MA at 0.8946”

  1. Muhammad on February 23rd, 2010 11:02 am

    Testing back side of the previous trend line on the pip.

    Have a good day.

  2. Greg Michalowski on February 23rd, 2010 11:04 am

    Aha…. didnt put that but the high did go right to that line for the second time and reversed lower.

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