Forex technical analysis: AUDUSD can't make a clean break

Technical Analysis

Author: Greg Michalowski | audusd

Price extended to the highest level since June 2015, but only by a few pips

The AUDUSD high from 2016 came in at 0.7834. The price in the AUDUSD moved to a session high of 0.78377 but could not extend any further. The price has moved back lower and trades at 0.7810 currently.

Last week, the pair shot higher. In fact, the price has been up 6 straight days.  Friday closed at 0.7820. With the price below that level now, the "up" string is at risk to be broken today. Be aware. The 0.7820 area can be close risk for the day.

Drilling to the 5-minute chart, the decline today is minimal, and the price action is up and down, but we have moved below the 100 and 200 bar MAs on the 5-minute chart at 0.7817-207.    Stay below is more bearish intraday. Move above is not so bearish. It will also turn the day to the black as well which is also not so bearish.  On the downside the 38.2% of the move up on Friday comes in at 0.7794 and the 50% comes in at 0.7781. Those are the next hurdles on the downside for the bears/sellers.