Back below the 100 day MA.
The AUDUSD rallied into the European session and in doing so moved above a ceiling at the 0.72409 area. The high reached 0.72459. That was it. A big disappointment on the break of the ceiling.
The price has wandered lower - trading above and below the 100 day MA at 0.72264. The currently bar is making new London session low and in the process is testing a trend lines and looks toward the 100 hour MA at 0.72115.
The 100 hour MA was as support level in trading at the end of the day yesterday and earlier today.
If the selling continues (stays below the 100 day MA at 0.7226) and the 100 hour MA is broken, the modest correction higher, may start to see those buyers giving up and a bigger move back down with the triple bottom at the 0.7177 area (red circles) .
As I typed, the price has moved back toward the 100 day MA. Watch for sellers against the level if they are to keep control. A move back above, muddies the water.
