A move below 0.77266 opens the door to the 200 day MA at 0.76923
The AUDUSD has moved lower after the weaker than expected CPI data.
The fall has taken the price to a floor /swing area defined by a number of swing levels going back to August 2016. The area defines a bullish above and bearish below "line in the sand".
The low so far has reached 0.7736. The lowest level in the area comes in at 0.77266. The high swing price comes in at 0.7755 (not resistance).
Looking at the 5-minute chart below, the high corrective price stalled at the 0.77486 after the first low was reached. So sellers seem to be leaning against that 0.7755 level. The midpoint of the move lower comes in at 0.77597. Often on a spike move, that midpoint level becomes a ceiling limit for the trend. A move above says the sellers are really not that in love with the move.
Seller more in control still.
