The AUDUSD attempted to push higher yesterday, briefly breaking above a key swing area near 0.6430–0.6442. However, the breakout quickly failed, and the price reversed lower—signaling a bull trap and a shift in short-term momentum.

The reversal led to a decisive break below both the 100-hour and 200-hour moving averages (0.6390–0.6398), a zone that had previously acted as a ceiling (see red circles). That area is now reestablished as resistance, and staying below keeps the short-term bias tilted to the downside.

With momentum favoring sellers, the next key support target lies between 0.63216 and 0.63437—an area defined by prior swing levels and recent consolidation zones. Moving below that level, opens the door for more downside probing with the 100-day MA at 0.62814 as another key level . The price moved above the 100 day MA back on April 14. After trading above and below the level control pushing price to the high of 0.6438 on April 22nd.

Key technical levels:

• Resistance: 0.6390–0.6398 (broken MAs and ceiling), 0.6430–0.6442 (failed swing high area)

• Support/Target: 0.63216 to 0.63437 (swing area). 0.62814 (100 day moving average)

Traders will be watching for continued momentum toward the lower support area as long as the pair remains capped below the broken moving averages.