The AUDUSD fell sharply in the early European session, breaking below the 100 hour moving average (blue line currently at 0.6773), and then the 200 hour moving average (green line in the chart above) currently at 0.6746.
The low price tumbled all the way down to a low of 0.6687 before seeing a rebound back higher in the early US session. The rise off of the low has now taken the price back toward the aforementioned 200 hour moving average (green line) where sellers have leaned on the first test.
Also near the 200 hour moving average sits the 38.2% retracement of the days oversized trading range of 147 pips. That range compares to the 22 day average of around 90 pips. The 38.2% retracement level comes in at 0.67433 – just below the 200 hour moving average at 0.6346.
Adding to the overhead resistance is a swing area between 0.6738 and 0.6743 that was a barometer for "more bullish" or "more bearish" during the ups and downs of early to mid-December (see red numbered circles - trade above was more bullish/trade below was more bearish).
So far, the cluster of resistance is holding. Sellers are trying to keep a lid on the pair against those technical levels.
On the downside, the swing low from Thursday's trade at 0.67098 would be the next target to get to and through to give the sellers added short term confidence. Earlier today, the price did stall near that level on the short run to the downside before breaking below the level and trying to stay below. That "try" failed contributing to to the snap back rally into resistance.
Conversely a move back above the 200 hour MA would spoil the short term downside bias intraday.
