Correction higher is moderate
The AUDUSD fell sharply from the Wednesday's high in trading yesterday, and continued the fall today. That move lower took the price to a low for the week (and since June 2) at 0.67989. Looking at the hourly chart, the fall stalled a upward sloping trend line. Rising stocks and the technical hold gave the dip buyers a couple reasons to buy. They pushed the price higher.
The last 6 or so hours has seen the pair stall. Looking at the 5 minute chart below, the price stalled around the 38.2% (but below the 50%) of the move down from the Wednesday high (38.2% comes in at 0.68997 and the high reached 0.69107). That makes the correction of the plain-vanilla variety. The price has fallen back lower and trades at the NY session low. The 200 bar comes in at 0.6858. A move below would be more bearish.
Stocks are coming off their highs for the day and yields are also off highs and that is contributing to the weaker tone.
