The AUDUSD sellers had their shot yesterday with the brakes below the 38.2% retracement of the move up from the April 19 low. That level came in at 0.6579. The low prices yesterday fell to 0.6575 but stalled. Sellers turn to buyers and pushed the price higher.
The sellers had their shot and missed.
The subsequent rally has taken the price within a few pips of its 200-bar moving average on the 4-hour chart. That moving average comes in at 0.6615. High price reaches 0.6612 today in the early Asian session before starting a up-and-down price action.
The current price trades at 0.6594. That is above the swing area below/38.2% retracement between 0.6579 and 0.6585, but below the 200 bar moving average on the 4-hour chart at 0.66154.
Buyers and sellers are both in play and looking to take more control on the break of the aforementioned levels. Until then, the battle continues.
This article was written by Greg Michalowski at www.forexlive.com. Source