Sellers giving up on the break
The AUDUSD has moved back above its 100 hour/100 day MAs at 0.76168 and 0.76294 respectively. The pair move back below those MAs yesterday. The low stalled ahead of a swing area (ahead of the month’s extreme low) at 0.7579 to 0.75833 and the low for March at 0.75626.
Today, the price has seen up and down choppy action, but with seller against the MAs – until now. The sellers are giving up. Stay above the aforementioned moving averages keeps the buyers in control. The next key target would be the falling 200 hour moving average at 0.76457. The price last traded above that moving average back on March 19. Above that, and the high from yesterday at 0.76632 and the 38.2% retracement of the move down from the March 18 high at 0.76719 would be targeted.
The sellers had their shot. They missed the target. The buyers are now making a play.