The breaking of the 100 hour MA failed for the 2nd consecutive day
The AUDUSD is higher on the day but the rally to the upside reversed after breaking the 100 hour MA and quickly failing.
That was the same pattern seen on Friday (hour bar break above the MA and close back below the MA line). Like on Friday, the buyers have turned to sellers and the price has moved back below it's 200 hour MA at 0.71864. Traders will be eyeing the 200 hour MA as close risk now. The 100 hour MA will be a more conservative resistance level for the pair. Stay below keeps the sellers in control.
Drilling to the 5 minutes chart below, the price decline has seen the pair move toward its 200 bar moving average. Earlier in the session the price based against that moving average before moving higher. On a break, there should be more downside probing with the 50% retracement of the move up from Friday as low as another target to get to and through at 0.7171.
Summary: Sellers near the 100 hour moving average. Intraday support being tested now.
