AUDUSD retests the 200 day MA
The AUDUSD has spent the last 4 hours trading near the 200 day MA at -0.6655. There was one brief wander above that MA a few hours ago, but that rally fizzled after reaching a high of 0.66618.
The good news for the longs/buyers is that the corrective lows has only backed off to 0.6638.
The current hourly bar has moved up to take a quick peek above the MA at 0.66559, but backed off again.
Needless to say, going forward, if the price is to go higher, getting and staying above that 200 day MA is the next hurdle.
If the pair can’t get that momentum going soon, there is also the chance of a more substantial probing to the downside. The high price from last week at 0.6615 and the 38.2% of the move up from the low on Friday comes in at 0.6602. Those would be downside targets on a corrective prove back lower.