Tests the old floor from early January
The price of the AUDUSD reached a new year low (low going back to December 18) today and in the process fell below an floor from earlier in January at the 0.68485 area. However, the move could only reach 0.68439. That was just above a lower trend line on the hourly at 0.6841 (at the time) and the 100 day MA at 0.68367.
The rise off that low, took the price back to a topside trend line on the same hourly chart (see green numbered circles) and stalled there.
The sellers remain in control, but with the price back down testing that old floor low at 0.68485 currently, it needs to break that level and then the 100 day MA/lower trend line at 0.68367 area to give sellers more bearish confidence.
Sellers in control but support still needs to be broken and give the sellers more reasons to be short.
