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AUD/USD Finding Near-Term Support

|Includes: CurrencyShares Australian Dollar Trust ETF (FXA)

Until yesterday, the AUDUSD (NYSEARCA:FXA) has been trading below the 200 hour SMA (green line in the chart above) since May 1st. In the last 4-5 hours of trading the price banged against this MA level but, could not close below the level. Trend line support also provided dip buyers a low risk opportunity.

Not being able to go lower can lead to buying and that is what has happened in the last 20 or so minutes of trading (see chart below). The buying has take the price back above the intraday 200 bar MA on the 5 minute chart (green line) and the 100 bar MA (blue line). These moving averages have been points where the market has found energy over the last few days. Stay above the 200 bar MA 0.9846 will keep the intraday buyers in control. Move back below and a test of that key 200 hour MA at 0.9828 will be an important test.