The AUDUSD moved up on Friday to test the earlier highs for the week near 0.71861. A high swing area between 0.71723 and 0.71861 has been home to a number of swing levels going back to November 24 (see red numbered circles).
When the price open below that area today and rebounded briefly into the area but found sellers, the buyers turned sellers in push the price down.
The break below the 100 hour moving average (blue line), gives sellers more confidence. Additional confidence was gained one the corrective move higher also stalled against the 100 hour moving average.
Since that peak, the price has rotated back down and the last hour or so has seen the price test its 200 hour moving average at 0.71097. Dip buyers have been successful in holding against that level which helps to give the pair a more neutral bias as buyers and sellers battle between the 100 hour moving average above at 0.71475, and the 200 hour moving average below at 0.71097. At some point the battle will be one on a break of either extreme. More recently, the buyers are making a play by leaning against the lower 200 hour moving average.
