AUDUSD heads into the US close with the price testing a key hourly MA

<p>The AUDUSD has seen up-and-down price action in trading today. The earlier session high stalled against its 100-hour moving average. Sellers leaned against the moving average level (it's currently at 0.64185). </p><p>The subsequent price low in the US session reached a 0.6386. That low was still short of the low from Friday's trade at 0.6379. </p><p>Sellers turned back to buyers in the US afternoon trading, and the price is back up testing its 100-hour moving average for the 2nd time today. More risk-on buying seems to have helped the pair as the broader indices had decent gains (especially the NASDAQ which rose 1.56%).</p><p>Needless to say, that 100-hour moving average will be a barometer going into the new trading day. If the buyers can't get above this falling moving average I would expect the sellers to take firm control on the price to move its way below the low price from last week at 0.6363. Conversely, if the 100-hour movie can be broken, it's step one in the process of taking back levels.</p><ul><li>0.6427. Is a swing low from last Wednesday in a swing high from Friday</li><li>0.6453 – 0.6458. That area is a swing area owing back to August 14. </li><li>0.6463. That is the 200 hour moving average</li></ul><p>Getting above all those levels is needed to increase the bullish bias</p>

This article was written by Greg Michalowski at www.forexlive.com.