New highs today but after a 6 pip break, the price faltered and moved back lower
The AUDUSD has seen the price move higher off the underside of a broken line in the Asian session. The run to the upside took out last week high at 0.75714 but the breaks (there were two) failed 6 pips higher at 0.75777.
The fall over the last few hours has seen the price return to retest the underside of the broken trend line once again at 0.7531. The low reached 0.75325.
A move back below that line should tilt the bias a little more to the downside with the 38.2% retracement of the last leg higher coming in at 0.75186. That is also near the swing low from Friday's trade. Move below that level and traders will be eyeing the 0.7500 level which is natural support and also to the 50% retracement of the last leg higher. The rising 100 hour moving averages quickly approaching that level as well (currently at 0.74964).
