Test of the buyers and sellers here

The AUDUSD tests a key swing level as the correction lower continues today. There have been a number of swing levels in the 0.7936-41 area. The low today just reached 0.79365. We trade at 0.7949 on the dip buyers leaning. Risk is defined and limited. A break below should solicit more selling though.

Drilling to the 5-minute chart, the 0.79588-65 is the 38.2-50% of the move down on the data. A move above that retracement area would not be congruent with a run away (to the downside) market. Staying below keeps the trend going (with that key support at 0.7936-41 to contend with by buyers and sellers).

PS if the price does move back higher, the 100 hour MA has been a resistance level (see blue line in the chart below). Be aware.