AUDUSD trades between the goal posts. RBA meeting minutes to be released

Discussion in 'Technical Analysis' started by ForexLive, Dec 14, 2015.

  1. ForexLive

    ForexLive Forum Member

    Sep 2, 2015
    Likes Received:
    Held the 200 hour MA. Worked back to the 100 hour MA The AUDUSD rallied higher in trading today but ran into resistance against the 200 hour moving average (green line in the chart below) and 61.8% retracement of the move down from last week's high (at 0.72668). The pair has wandered lower since then but has not been able to get down to the 100 hour MA support ( blue line in the chart below, currently at 0.72341). I call this trading between the goalposts as defined by the 200 bar moving average and the 100 bar moving average. Look for a break with momentum.

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