The AUDUSD is back up retesting the 200 hour moving average and the 50% midpoint of the move down from the March high to the March low. Both of those levels come in at 0.66733. The high-priced reached just above that level at 0.6678. The price has already moved back down below the technical levels and trades at 0.6660 currently in very volatile trading.
Note that earlier today, the price tested the 200 hour moving average/50% retracement and found sellers. So this is the second attempt to extend above those levels.
Earlier today, the failure to get above the 200 hour moving average sent price back down toward the 100 hour moving average currently at 0.6606 (blue line in the chart above). Buyers leaned against that moving average as well and pushed the price back to the upside.
So overall we are seeing the price action more or less being confined by the 100 hour moving average below at 0.6606, and the 200 hour moving average/50% retracement above at 0.66733.
At some point there will be a break. Traders will look for momentum on the next break. However, until then, sellers might continue to lean against the higher 200 hour moving average and buyers will look to lean against the lower 100 hour moving average
