The AUDUSD has been on a one-way ride to the downside since rising to the highest level since January 14th just yesterday. Since then, the price moved about 188 pips from a high of 0.7283 to a low today of 0.7094. That low got within about seven pips of the swing low from February 14 and also the 61.8% retracement of the move up from the January 28 low (at 0.70879).
Since then, the price seen a bounce back with the corrective high reaching 0.7145. The correction is still below a swing area that dissects recent highs and lows between 0.71506 and 0.71679. If traders could start pushing the price into that area and above it, it would disappoint the sellers.
Drilling to the 5-minute chart below, the trend lower has seen a steady decline with the price staying below its falling 100 bar moving average (blue line in the chart below). That moving average currently comes in at 0.7149 which is just below the 50% of the last trend move to the downside today at 0.71496.
If the buyers are to start to take back more control, getting above that 100 bar moving average and then the falling 200 bar moving average at 0.71679 currently (green line in the chart below), would give buyers some comfort. Absent that, and the sellers remain firmly in control with the potential for another run to the lows for the day.
