Falls below a key swing area at 0.6921 as well
The AUDUSD has moved to new session lows and in the process took out last week's low price and is moving away from the 50% retracement of the move up from the December 16 low. That level comes in at 0.69345. The pair is also dipped below a swing level at the 0.6929 area. Going back to December 23, traders used that price as a ceiling until breaking above on December 26. On Friday, the price bounced off that level.
Stay below the 0.6929 to 0.69345 area now will keep the technical bias firmly in control by the bears. Move above the 0.69345 level in the waters get a little more muddy.
Also helping the sellers today was at the high prices in the Asian and London session, the price was able to stay below its 200 hour moving average (green line). Should this break fail and there is a rotation back to the upside, getting back above that moving average (and staying above) would be a key requirement.
For now however, the sellers are making the play.
