100 hour MA broken but buyers have more to prove
The AUDUSD moved above tis 100 hour MA on the last hourly bar. The price tried to break higher yesterday but ran into an overhead swing area at 0.6778-832, and backed off.
The pattern is the same today.
- The 100 hour MA is broken
- The overhead swing area is so far stalling the rally (at 0.6778-832).
Can the buyers on the break of the 100 hour MA now hold support against that level?
If so, can they start to take out more of the overhead resistance targets?
Targets on the topside include:
- Swing area at 0.6778-832
- 100 hour MA and downward trend line at 0.67885 (and moving lower).
- 38.2% of the move down from the September high at 0.6798.
Failure to break those levels makes the corrective move higher just a plain old vanilla correction. The sellers willl take back control.
So, the ball is in the buyers hands. Do they have the will and desire to hold support and make more of an upside run?