Back below swing highs after failed break
The AUDUSD moved above a swing area in the 0.6560-693 area and the move triggered stops. The price reached up to 0.65843, and then the commentary about Moderna surfaced and the break higher was erased.
The high corrective price after the initial fall reached 0.65679 - just below the topside of that swing area (see 5 minute chart below). Buyers turned to sellers.
What now?
The price is correct to the 50% retracement of the days trading range. That also happens to correspond with the 200 bar moving average on the 5 minutes chart (see chart below). There were 2 other breaks below the 200 bar moving average earlier in the day, and each quickly failed. There also 2 tests of the 200 bar moving average earlier in the day that found support buyers.
So there is something about the 200 bar moving average that make for a level to lean against (with a stop below). A break should solicit more downside probing.
Remember yesterday the price closed above its 100 day moving average for the 1st time since January.That is at 0.6505 and is still a key bias defining level. The price can go down toward that level, but it will take a move below to hurt the bullish bias from that break.
