AUDUSD is testing it’s key 200 hour moving average for first time since May 11. | Forexlive

The AUDUSD is testing at 200 hour moving average of 0.65467. The high price reached 0.6548, and backed off on the first look. The current price is trading at 0.6537.

The price of the AUDUSD has not traded/closed above it’s a 200-hour moving average since May 11. A break – and close above – would give buyers more confidence, and tilt the short-term bias MORE in favor of the buyers.

On a break above, the high price from Tuesday’s trade reached 0.6558 and would be the next target. Above that, and traders would start to look toward the 38.2% retracement of the May trading range. That level comes in at 0.65951 and is the minimum retracement that the buyers would want to see if they are to take more control.