The earlier fall below the 100 hour MA could not be sustained. Sellers turned to buyers.
The AUDUSD is looking toward the week’s trading high after snapping back higher on a failed break of the 100 hour MA earlier today (see blue line in the chart below). The high for the week comes in at 0.7771. It was reached yesterday.
A move above that level will have traders looking toward the January 21 high at 0.7781, and and upward sloping trendline that cuts across at 0.7786 currently and moving higher.
For the week, the low this week was reached on Monday at 0.7650. As mentioned the high from yesterday came in at 0.7771. A key break this week came between 0.7699 and 0.77026 on Monday and into Tuesday (see green numbered circles). That area, remains a key barometer for buyers and sellers going forward (and into the new week next week). As long as the price remains above, the buyers remain in control..