AUDUSD sellers gain control after buyers falter

The Australian dollar against the US dollar, or AUDUSD, experienced significant movement recently. It rose above the 100-day moving average for the first time since October 2024. However, it failed to reach this year's high of 0.6408. It peaked at 0.6390, which is well below the previous high. Despite a brief rebound after dipping below the 100-day moving average yesterday, today's trading saw the AUDUSD fall back again. The price dropped below the moving average of 0.63489. This time, buyers were unable to push the price higher, allowing sellers to take over. On a four-hour chart, the AUDUSD is now targeting a swing area between 0.6326 and 0.6336. It reached a low of 0.6321 today. A critical level to watch is the 200-hour moving average at 0.6317, which appears to be slowing the drop. Looking at the hourly chart, the 100-hour moving average stands at 0.6336. Currently, the price is situated between the 200-hour and 100-hour moving averages. Traders will keep an eye on these levels for signals. A rise above the 100-hour moving average might aim for the 100-day moving average at 0.6349. Conversely, if it dips below, the next target could be around 0.6298.