The pair did stall the fall at the 100 hour MA (which kept buyers in control)
The AUDUSD it is following the dollar lower, and in the process is breaking out of its up and down trading range for the day. The price has seen modest moves to the downside, then upside, then downside again and now back to the upside.
The pair has now broken above the intraday ceiling at 0.72881. Before that it cracked a downward sloping trendline connecting highs from the last 3 days at 0.72825. Those levels are now close risk for buyers intraday. The high prices reached 0.72949 so far.
Giving the buyers more of an edge technically is the holding of the 100 hour moving average at 0.7263 (blue line in the chart above), and the more recent breaking of its 200 hour moving average at 0.7277 (green line). That old and subsequent break give the buyers more confidence to run the pair higher.
The next upside target comes at the 50% retracement of the move down from the September high to the September low at 0.73023. The swing highs from last week at 0.7305 (Friday’s high), 0.73084 (Tuesdays high), and 0.7324 (Thursday’s high) are targets as well.
