The AUDUSD has rebounded higher today after the fall yesterday failed on its run toward the 100 day MA (currently at 0.76812). The pair also failed on a break of neckline support on what set up as a head and shoulders formation.
The rally today is taken the price back above its 200 hour moving average (greenline currently at 0.77266) and the 100 hour moving average at 0.77435 (blue line).
The higher moving average has been tested on three separate hourly bars (that is the 100 hour MA), with sellers leaning on each test. However, it will so take a break below its 200 hour moving average (also 38.2% retracement) to solicit more selling momentum.
For the week, the pair continued the trend higher from last week into Tuesday when the price peaked at 0.78152. On the same day, the price tumbled back below a swing area between 0.7755 and 0.7759 and the 100 hour MA. The low on Wednesday based at the 50% retracement and bounced.
The rest of the week has seen more up and down price action. The price did extend back above its 100 hour moving average on Wednesday and part of Thursday before heading to the week's low.
Now traders will wait for the next shove and bias clue outside the MAs.