The AUDUSD tried to extend above the 100 hour MA yesterday near 0.73285 (blue line in the chart above), but could not muster much momentum and the price moved lower.
That momentum picked up steam in the Asian session today with the price falling back below its 200 hour moving average (green line). However like the break above the 100 hour moving average the momentum could not be sustained and the price rotated higher.
In the London morning session, the price moved back above its 100 hour moving average and although momentum stalled ahead of the high from Tuesday at 0.7347, the dips lower also found support near the 100 hour moving average. Buyers fought to keep control above that moving average level.
The last few hours has seen the price extend back above the 0.7347 level and extend to a new session high of 0.7364. Close support will be eyed at 0.73473 now. More conservative support would be against the 100 hour moving average at 0.73285. Trading should not move back below that moving average of the buyers are serious about the break higher.
On the topside, swing highs from last Friday between 0.7374 and 0.73799 are the next upside target ahead of the extreme from Monday’s trade at 0.74406.
Taking a broader look at the daily chart below, the high price today did find resistance the sellers against the 38.2% retracement of the range from the 2021 high to the 2022 low. That retracement comes in at 0.7364. The price high just stalled right at that level. So getting above the high is step one to keep the buying momentum going.