The AUDUSD attempted a move higher and outside a swing area with a high at 0.64419. However, once again the high price stalled at the 200-day moving average, located near 0.6458, turning buyers into sellers. The price stalled near that MA on Thursday of last week (the price moved briefly above that level but quickly reversed).

The rejection at this key level has pushed the pair back below the converged 100/200 hour MAa at 0.64349 and with that, back into the red-box range, suggesting a shift back to neutral-to-bearish bias in the short term.

With momentum now pointing lower, immediate support targets include:

• The swing level at 0.63646

• The high of the lower swing area at 0.63437

• The 200-bar moving average on the 4-hour chart, currently near 0.6325

• The low of the swing area at 0.63216

A break below 0.63216 would increase bearish pressure and open the door for further declines with the 100-day MA at 0.6289 and the 38.2% of the move up from the April low at 0.62844.

Conversely, start to move back above the 100 bar MA on the 4-hour chart, and the 100/200 hour MAs at 0.64399 would disappoint the sellers. A move back above the 200-day MA, would be a bigger disappointment.

Sellers are making a play but in the wake of the move higher that peaked last week at 0.65135, has left a number of targets that need to be broken to increase the bearish bias.

Summary:

• Rejection at the 200-day MA caps the upside at 0.6458. Bias shifted lower while below the 200-day MA, 100/200 hour MA and 100 bar MA on the 4-hour chart

• Price falls back into consolidation range.

• Support targets: 0.63646, 0.6347, 0.6335, 0.63216 (low of consolidation range going back to April 10).

• Other lower target include the 200 bar MA on the 4-hour chart at 0.6325 adn then the 200 day MA at 0.6286.