Tests intraday support

The AUDUSD has seen the price of the pair move higher and lower. Overall, however, the price is on a choppy uptrend.

Looking at the 4-hour chart above, the price high moved up to 0.7883. The 38.2% of the move down from the September high comes in at 0.78823. The market rally stalled. It is the latest on the day.

What next?

Looking at the 5 minute chart below, the price declines off peaks have stalled at the 200 bar MA on the 4-hour chart not once, or twice but three times (see green numbers circles on the chart below). That 200 bar MA comes in at 0.78636 currently. The pair is actually stalling at the 100 bar MA now. Traders may be using both MAs as a support level to define and limit risk. If the price bounces off here, go for the 38.2% above. If it fails to bounce, get out on a move below the 100 bar MA at 0.78636.

If there is a pattern like the support buyers at the 200 bar MA, traders will lean with stops on a break. That is what seems to be happening in the AUDUSD currently. Be aware.