Rally higher stalls near 100 bar MA on 4-hour chart
The AUDUSD ran to and briefly above the 100 bar MA on the 4-hour chart on Tuesday. The rally stalled and the price fell.
Today, the Asian low stalled on a trend line initally, based and moved above the same 100 bar MA on the 4-hour at 0.66286. The 61.8% retracement was also there. Like on Tuesday, moves above stalled without momentum. Ultimately, the price fell below the aforementioned trendline and the buyers started to turn to sellers.
The price has moved down toward a swing area near the 0.65827 to 0.65912 area (see red numbered circles). There has been some dip buyers against that area that has slowed the decline. We currently trade at 0.6596.
If the expectations are for more downside watch the 0.66024 as a close intraday resistance level. That was a swing low from yesterday's New York trading and is near the natural resistance at 0.6600 Just an idea for sellers.
On the downside the key target come in against its 200 and 100 hour moving averages at 0.6574 and 0.65684 respectively. If the price is going to continue the downside, getting and staying below those levels would be needed.
