In an earlier post, the price of the AUDUSD was on a downward move, but as outlined in the post, the range for the day had reached the 22-day average and the potential for a slowing of momentum was a possibility. That is what happened, and the bounce saw the pair move all the back to the broken 100 day MA at 0.6695.
After reaching that key MA, sellers leaned and the price is back at 0.6678. The technicals did their job.
What now?
The market is deciding what it wants to do next..
ON the bearish side of the ledger, the price fell and stayed below the 100 day MA today at 0.66952. The price is also below the 100 hour MA at 0.6719. Bearish.
The move back up to the key 100 day MA and finding sellers is significant. It would take a move back above that MA to tilt the bias more to the upside (followed by a move above the 100 hour MA).
Having said that, the downside has more work to be done to increase the bearish bias. More specifically, a momentum move back below 0.6650, then the rising 200 hour MA at 0.66138 and the 38.2% of the move up from the November low are all levels to get to and through. Those moves are needed to increase the bearish bias.