Corrective moves higher continue to fizzle
The chart below is the 5 minute chart of the AUSUSD. In an earlier post, I posted the same chart (from earlier) and commented on the potential for a correction as the price stalled at the 200 hour MA. The price moved above the 100 bar MA on the 5 minute chart (blue line), but had to get and stay above the 200 bar MA (green line on the 5 minute). It did not. See earlier post here
So buyers turned to sellers, and the price has subsequently moved below the 200 hour MA.
Well….staying on the story from the 5 minute chart, the overlay of the 200 hour MA at 0.6424 has been retested as has the initial bounce low at 0.64257. That MA and swing low is now risk. Stay below and the sellers are more in control for a trade. Move above and – its Friday – waters are muddy on the failed break. We should see some shorts covering.
PS watch 0.64109 below for more downside clues. That is the 50% of the move up from the April 21 low.