The AUDUSD moved above a ceiling from June and July 2023 near 0.6900 last week on it’s way to a high near 0.6941. After trying to hold support near the 0.6900 level on Friday, Monday and part of Tuesday, the sellers started to exert more downside momentum falling to a low of 0.68557 yesterday.
The inability to stay above the 0.6900 area put the seller in play on the daily chart despite the price still being near highs. Technically, the break higher failed.
Drilling to the hourly chart, the move of the ceiling levels near 0.6941, tried to hold support between 0.68969 and 0.6907 (yellow area and red numbered circles on the hourly chart below), but ultimately failed. The fall also has taken the price below the 100 hour MA (blue line) currently at 0.6903.
The fall yesterday took the price also below the 200 hour MA (green line) but that break could not be sustained. The price rebounded higher.
Today, the price action has seen some buying above the 100-hour MA, but that failed again (see chart below). More recently, the price has been finding sellers near the 100-hour MA and near the 0.6900 level (from the daily chart).
So sellers are in play on the daily chart (below 0.6900 area) and the hourly chart below the swing area (red numbered circles) and the 100 hour MA.
What the sellers have to do to take more control, is get and stay below the 200 hour MA. If that can be done, the sellers would wrestle more control, and likely lead to more selling momentum.
For now, the technicals are neutral, as the sellers put themselves back in play on the hourly and the daily chart, but buyers are also holding onto their control as well above the rising 200 hour MA.
