The 100 day MA lies ahead
On March 16, the AUDUSD price fell below the 100 day MA, and has closed below that MA since that time. The price today has moved to the highest level since March 22. In the process, the pair is approaching the 100 day MA at 0.77793. That MA was tested on March 21 and March 22, but moves above that MA failed. We currently trade at 0.7762. The high for the day reached 0.7765.
The move higher is being helped by a flow back into risk as trade tensions eased somewhat between China and the US (and that helps global growth).
Drilling to the 4-hour chart, the price has moved above the 200 bar MA on that chart at the 0.7738 level on the way up. Moreover, the corrective move lower has also been able to stay above that MA line. That is showing some buying interest. They are trying to take and keep the pair above the technical level.
For traders looking to keep risk defined and limited, that is close risk now. Another risk level would be the 38.2% at 0.77468. That level was also broken in trading today.
Buyers are pushing the market today and in the process taking out some technical levels. Can the momentum continue to the 100 day MA.? Watch the 200 bar MA on the 4-hour at 0.77538 and the broken 38.2% retracement at 0.77468 as support/risk now.