The high price today stalled at a swing area
The AUDUSD is moving back down toward its 200 hour moving average as the gains for the day are being retraced. That 200 hour moving average currently comes in at 0.7535. The 50% midpoint of the move down from the June 25 is also in the area at 0.75297. Breaking below the levels would tilt the bias more to the downside, with the next target being the 100 hour moving average at 0.7508 area (blue line).
The price of the AUDUSD moved higher earlier in the day utilizing a up ports open trendline as support. The pair extended above its 200 day moving average in the process at 0.75681. The high price extended to a swing area between 0.75918 to 0.76014. THe high for the day reached 0.75986.
The pair tried to hold support against the 200 day moving average, but when that moving average was rebroken over the last few hours (and the trend line was also broken), the momentum to the downside increased.
The weaker than expected ISM services data has helped to push stocks lower and that has weakened the AUDUSD lower over the last few minutes of trading. The 200 hour moving average has been broken, but the 50% midpoint has so far held support. The pair is sitting on the ledge. Some buyers are trying to hold support as risk can be defined and limited, but would likely give up and sell on a break. Key test for both the buyers and sellers intraday.
