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The AUDUSD moved up to test the downward sloping 200 hour moving average (green line in the chart above) at 0.70662 and the 50% retracement of the move down from the June high to the June low. That level comes in at 0.70661. The high price reached 0.7067 just above each of those levels. The current price is trading down at 0.7057 after rotating down to 0.70438.
Traders looking for more upside potential would want to see the 0.70298 to 0.70344 swing area to hold support. Stay above, and a rotation back toward the aforementioned dual technical levels (200 hour moving average/50% retracement) are still in the cards. Conversely, move below 0.70298 , and traders could push price back down toward the 0.7015. That is the broken 38.2% retracement of the recent move lower.
Buyers and sellers would have to make up their minds at that area – go back higher, or resume the move to the downside after successfully testing the 50%/200 hour moving average.,