The 100 hour MA stalled the fall AFTER a failed break stal him himled.
The AUDUSD is back up testing a swing high area defined by recent swing highs in the 0.7161-676 area. Admittedly, both on July 22 and again today, the price moved above that area, only to quickly move back down. This re-look is the chance for the buyers to take the price to the highs and through the highs. Time will tell. The ball is in the buyers court.
The move to the upside was helped today on another failure. This failure saw the price move below the 100 hour MA only to fail. The next swing low today, found support buyers against the MA level at 0.71257. The price moved higher.
The price action tilts toward the buyers. The price failed on the break of the 100 hour MA. The price stalled ahead of the 38.2% at 0.7101. The challenge for the buyers is that it needs to get and stay above the swing area at 0.7161 to 0.71676. Get above that area and stay above, and it will be time for more upside probing. Fail and the buyers will likely turn back to the downside.
