High levels were probed this week. Price comes back down.

The AUDUSD for the second week in a row, move up to a resistance area defined by swing highs between 0.7730 and 0.7755.

Going back to August 2016. there have been six peaks in that price area. In November 2016, the pair broke above - reaching 0.7777 - but moved back below the level the next day. This week the high reached 0.7740 yesterday. Today the price has moved lower with the general USD weakness. Technically though, the area above stalled the rise once again. Are sellers leaning?

What would paint a more bearish (or bullish) picture in the new week for the pair?

Drilling down into the 4-hour chart below, since January 27th week, the price has been painstakingly moving higher. From left to right, the trend line is moving higher, but there was a ceiling at 0.7696 from Feb 2 to Feb 14 with 3 separate highs at the level. We did move above and below that level last week and again this week. So the level did lose some of its technical mojo. Nevertheless, the pair did fall below the 0.7696 level today and stayed below (the high correction reached 0.7692). That may be a selling signal that should not be ignored

So next week, let's pay attention to the 0.7696/0.7700 level again as a key level. Stay below is more bearish, but if we move above, look for a retest of the 0.7030-55 area. A break above will target the 0.7777 high from November and then the high from April 2016 at 0.7833.

On the downside, the trend line and 100 bar MA on the 4-hour chart come in currently at 0.7677 and 0.7668 (100 bar MA - blue line).

If the price breaks below the 0.7668 MA level - and stays below - the pair should make its way toward the next support target at the 0.7598-0.7606 area. The 200 bar MA on the 4-hour chart comes in at 0.7598 (and rising). There are swing lows and highs at that area at the the 0.7606 area (see blue circles in the chart below).

A move below that area will open up even more downside potential for the pair with 0.75101-12 being the home to both the 100 and 200 day MAs. That becomes another key target.