Low today stalls at a recent swing area and above the 100 day MA. Resistance at the 100 hour MA.
The AUDUSD moved lower as "risk off" flows intensified as China impose restrictions on crypto. The move lower in the London/European session saw the price move below the ports open trendline and broken 38.2% retracement near 0.7765, followed by the 100 hour moving average (blue line in the chart below).
The low price moved down to 0.77314. That was just above a recent swing low from Monday's trade at 0.77298. The price also based against that level on Friday before moving higher (see red numbered circles). The 100 day moving average is not far from that floor at 0.77244. Traders will need to get below that level as well if the sellers bias is to get stronger.
The corrective move higher off the low today, did reach back up toward the 100 hour moving average at 0.77624 only to find sellers leaning against that level. Just above that level is the 38.2% retracement of the range since May 10 at 0.7765.
So with support defined at 0.77244 to 0,77298, and resistance defined by the 100 hour MA at 0.77624 and the broken 38.2% at 0.7765), the battle lines have been drawn. Traders will look for the break outside either of those extremes with momentum to define the next bias tilt.
