The AUDUSD has been marching lower with sellers maintaining control throughout.
- There have been 3 legs down. The 1st two major moves down, held below the 38.2% of the legs move
- The 3rd leg corrected 50% before once again taking out the low at 1.02829
On this last move to new lows, the dip had limited momentum which may suggest a correction/consolidation is in order. A move above the 1.0300 level will be eyed, with additonal resistance against the 100 bar MA (blue line) at the 1.0307 level. A move below the low is the risk now.
