The AUDUSD moved off of swing-level support on the hourly chart at 0.6676 both yesterday and early in the Asian session today. After running up to test its falling 100-hour moving average and finding willing sellers, the traders regrouped and made a second attempt in the European session. That move extended above the moving average, but the buying effort failed.
The buyers had their shot. They missed.
As a result, the price has since rotated back down and has moved back into a swing area between 0.6676 and 0.6689. It would take a model below the lower end of that swing area to increase the bearish bias and have traders looking toward the 61.8% retracement of the December trading range. That level comes in at 0.6656.
On the topside, it would take a move back above the 100-day moving average at 0.6702 to tilt the bias back to the upside.
This article was written by Greg Michalowski at www.forexlive.com. Source