AUDUSD test 100 hour MA. Will the buyers hold support?

<p>In a earlier post/video, I spoke to the 200 hour moving average and the 50% midpoint of the September trading range near the 0.6415 level as a key downside target that would need to be broken to increase the bearish bias.</p><p>It was not broken. In fact they price bounced off the level and quickly move back above the 100 hour moving average currently at 0.6433 (blue line).</p><p>The high price reached 0.64446 before rotating back down to retest the 100 hour moving average.</p><p>What now?</p><p>Support buyers are trying to hold support against the 100 hour moving average. If successful, the upside can be further explored with the 0.6453 – 0.64607 as a next upside target.</p><p>Conversely if the 100 hour moving average and 38.2% retracement at 0.64287 is broken, bias shifts back in favor of the sellers</p>

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