The move back to the upside has taken the price back above its 100- day moving average at 17158.57 (blue line on the chart above). That’s good news technically. The 50-day moving average is the next major target at 17528.67 on the daily chart.
Drilling down to the hourly chart below, the price earlier today stalled near resistance against its 50 hour moving average before moving lower.
The last four hourly bars have seen a steady move higher, and the price is now not only above its 50 hour moving average, but also above its 200 hour moving average at 17211.95.
Buyers are taking back more control with the move back above the 100 day moving average, and back above its 200 hour moving average at the same time.
This article was written by Greg Michalowski at www.forexlive.com.