AUDUSD sellers take more and more control today
The pair makes a break outside the box
Looking at the hourly chart for the AUDUSD, the pair has been trading in a box going back to December 5th.
The buyers tried to take control yesterday. The price moved above the 100 day MA (at 0.7224 today) and even took out the highs from Dec 5 and 6th at 0.7241. The problem? The high stalled at 0.72459. Trouble for the bulls.
Today, the pair moved away from the 100 day MA and fell below the 100 hour MA (at 0.7207 now - blue line). Selling continued and the price ultimately moved outside the "box" that has confined the range since Dec 5. at 0.7177. That is now a risk level for the shorts. Stay below is more bearish. Look for sellers to lean against that level on a test today.
Move above and the there could be more corrective action toward the 0.7190 level.