AUDUSD had their shot and failed

Can the dip buyers keep a correction going?

The sellers in the AUDUSD the price below its 100 and 200 hour moving averages (blue and green lines) and the 50% retracement (all in the 0.6469-743 area). The price moved to a low 0.64719.  The sellers had the shot to take the pair lower, but they failed.

That puts the ball back in control by the buyers, but they have their own challenges. 

Looking at the hourly chart, the 38.2% retracement of the move up from the Thursday low comes in at 0.6491. If the buyers are to take more control (and have more confidence), getting and staying above that level will be eyed.

Although there is a fail below the hourly moving averages today, there was also a fail above the 100 day moving average above earlier in the day. The 100 day moving average currently comes in a 65326. The price in the Asian session spiked above that level to a high of 0.65609.  However the target from April 30 at 0.65693 could not be reached, and the sellers came in and push the price lower.  

So in reality there was a failed break above and a failed break below.  It is currently up to the buyers to prove that they can take control. Get above 0.6491 (and then the natural 0.6500) and the they will have taken more control.  

Move back below the moving averages and the 50% retracement, and all bets are off for a rebound higher.

See here for global coronavirus case data