Forex Trading:AUDUSD breaks back below the 100 hour Moving Average
Posted by Greg Michalowski on Mon, 08/18/2008 - 10:37am in
The AUDUSD broke above the 100 hour moving average earlier today reaching a high of 0.8756. However, the gains have not been maintained and the pair moved back below the MA trading to a low of 0.8684.
The waffling suggests the pair is consolidating as it awaits the next move spurred by fundamental news. A break of the 0.8790 or 0.8590 level will give the next clue for a bigger correction or continued selling with the longer trend.
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