The AUDUSD is modestly higher on the day but off the London highs and moving back toward the close from yesterday at 0.7695.
The move higher in the London morning session, took the price back above the 200 hour MA (green line in the chart below) currently at 0.77284. However, the move above could not reach the 100 hour MA target (blue line) currently at 0.77449, and buyer gave up. Sellers started to lean against the 200 hour MA, and we have seen more selling in the North American session so far. It would take a move back above the 200 hour moving average to tilt the bias more in the favor of the buyers now.
On the downside, the 38.2% of the move up from the December 21 swing low, cuts across at 0.76826. The low today stalled ahead of that level in the Asian session (the low reached 0.76861). Move below and the low from yesterday at 0.76655 and the 50% retracement 0.76403 would be the next targets.
The low to high trading range today is only 54 pips. The average over the last 22 trading days is 76. So there is some room for the pair to roam if pushed.