Forex technical analysis: AUDUSD staying above MA support
Building off the 100 hour MA
The AUDUSD is trading at session highs and in the process has moved above and away from MA levels.
Looking at the hourly chart above the 100 hour MA comes in at 0.7828 and the last 4 hourly bars have done a decent job of finding support buyers near that MA level. Yes, there have been little dips below, but there has not been any closes below the level. That is more bullish.
The other positive for the bulls, is the price is trying to extend above swing area at the 0.78349-0.78429 area. If the price can stay above the area, the buyers would fell more comfortable about the bullish corrective move.
Drilling to the 5-minute chart, there are also some bullish developments that are helping the bias. The 100 and 200 bar MAs and trend line stalled the fall over the last 4 or so hours. Stay above is more bullish.
Buyers are trying to keep control, in what has been a more bearish bias for the pair. Stay above the levels is needed though.