AUDUSD respects 100 hour MA and bounces. Key levels remain.
Although the AUDUSD dipped below the 100 day MA at the 0.9067 level (see chart below), it ran into support against the 100 hour MA just below at the 0.9056 level. The combo has given the pair a lift as technical traders used the low risk trading level to buy against (with likely stops on a break).
Now, with the market back higher, the levels below remain as key support. A break will likely lead to further selling. So be aware and be prepared should the level give way.
On the topside, look for resistance against the 100 and 200 bar MA on the 5 minute chart below (blue and green lines). Those levels come in at the 0.9085 and 0.9087 respectively.
Reprots that the US may be closer to tightening and commodity selling is pressuring the AUDUSD despite better than expected data overnight which showed Business Confidence up (19 vs 15 last month) and larger Job Advertisement (+19.1% vs -8.1% last month).
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