Corrects but stalls at intraday trend line.
The AUDUSD started to dig into the gains last week when the price formed/stalled at a ceiling. Fell below a long trend line and 100 bar MA on the 4-hour chart.
Today, in the early Asia-Pacific session, the price completed the fall with a test of its 200 bar moving average of 4 hour chart and 38.2% retracement of the move up from the December 2017 low. That area - at 0.7889 and 0.7892 - attracted buyers and the price moved higher. Good hold.
It is a good hold. However, the corrective move higher, has formed a ceiling on the 5-minute chart against a topside trend line (currently at 0.7950 - see red circles).
Staying below keeps the sellers in control.
Nevertheless, be sure to understand that the buyers and sellers are battling it out with the 200 bar MA on the 4-hour the support at 0.78952 (and rising) , and the trend line at 0.7950 as resistance.
