200 hour MA stalled the fall in the current hour
The AUDUSD fell below a floor in the 0.7238 to 0.7245 area. Yesterday, afternoon, the pair fell below that area and stayed below in the Asian session. The price was also able to get below the 200 hour MA (green line).
However, sellers could not push and keep the downside momentum going. The price moved back above the swing area and has remained above the are over the last 6-7 hours. The current hourly bar went down to test the swing area and the 200 hour MA and held support.
Did the AUDUSD have their shot and blew it?
The bounce suggests the buyers have tilted control more in their favor.
Now, the buyers are not fully in open territory. It will take a move back above a swing area at 0.7266 and then the falling 100 hour moving average at 0.72702 to give buyers more control. With the price trading at 0.7254, the pair is between the 100 hour moving average above and the 200 hour moving average below.
Buyers making the play for control, but they have more work to do.