Can the buyers take back some control.
The AUDUSD fell on the back of a softer RBA as they added an additional 100B of bond buying starting in April. That was not expected.
The fall took the price to the lowest level since end of December. However, at the low, the pair tested a lower trend trendline connecting lows on the hourly chart from January 18 and January 28. That trendline cuts across at 0.7563 and that is where the price bottomed today.
The bounce has taken the price up to 0.75917. On the hourly chart, the 0.7605 area would be a level that if broken would give the dip buyers some additional confidence. Getting above the 38.2% retracement of the move down from Friday's high would also give the buyers more control (at 0.76167).
Drilling to the the 5 minutes chart, the pair is getting close to a downward sloping trendline currently at 0.75911 (and moving lower). The falling 100 bar moving average on the chart is just above that level at 0.75960. Get above each, and the 0.7600 level (38.2% of the days trading range), would give the buyers some initial control (with more work to do).