First break since Feb 26th was short lived
The AUDUSD extended above its 200 hour MA in the early NY dollar selling. That MA comes in at 0.77352. The high for the day reached 0.77452. However, momentum faded (with the Nasdaq index mainly although the Dow and S&P kept most of strength), and the price moved lower.
The pair has so far found some intraday support buyers near the 38.2% of the move down from the March 3 high. That level comes in at 0.7704. A stronger support target comes between 0.76846 and 0.76925. The 100 hour MA, a rising trend line and a swing area (see red numbered circles) all congregate in that area.
Like a number of pairs today, the run to a lower dollar earlier saw technical breaks (the EURUSD, GBPUSD, USDJPY all saw MA levels broken), but failures. That has put the price back in a battle between buyers and sellers. The technical levels for the AUDUSD are defined. The price remains between support and resistance. With the overall bias more to the downside since the Feb 25 high, the sellers have the nod with control, but shorter term intraday traders are trying to show signs of a potential correction. Follow the technical clues.
