The AUDUSD is below its 100 and 200 hour MAs at 0.7103-05 respectively. The sellers are trying to take more control below those MAs...
However, looking at the hourly chart above, the lows since early Wednesday, have beein the 0.70857-973 area. We just moved down to a day low at 0.70978. If the pair is going lower, getting back below this area is the next target.
So a battle is underway.
What has helped the bearish technical picture today, has been the clear ceiling at the 0.7128-31 area. Sellers against that level (it was the high on Monday, Tuesday, Wednesday and again today) have been rewarded this week.
Needless to say, we are a bit aways from the level now (well not that far at 31 pips), but it does make for a key level to remember going forward in the event of a rally back higher.
For now though, focus from traders is on the 0.70957 area. A break below should solicit more selling momentum.