A few things.
The AUDUSD fell sharply in trading today with the price trading to the lowest level since September 15th.
Technically, the price also fell below the 200 day MA for the first times since June 3rd (see green line at the 0.7510 level in the chart above). Yesterday, the price bottomed at the level and rebounded into the close.
Looking at the hourly chart below that break of the 200 day MA, led to increased selling (see chart below). Sellers were happy to sell and they took it lower.
However, what happened at the low?
The price stalled against the lower trend line (at blue circle 3). We are seeing a move off that support. That is something to like from a buying standpoint for the pair.
Is there anything else?
Lookiing at the daily chart above, the price fall did see that 200 day MA broken. That is bearish. BUT, where did the price bottom? The 50% midpoint of the move up from the May low came in at 0.74609. The low price today reached 0.74598 (round to 0.7460).
SO not only was the trend line on the hourly chart tested and held but the 50% on the daily chart held. Those are both supportive/bullish as long as those levels now hold.
So in the sea of selling that has seen the price move from 0.7777 to 0.7460 is bearish but we may see a cause for pause (well two causes for pause). Buyers against that level are not guaranteed a rose garden. There remain hurdles above for those buyers. For example, a move above the 200 day MA is a big hurdle (honestly expect sellers near the level on the first test). That comes in at 0.7510. Before that level the 38.2% of the move down today (see 5- minute chart below), the 0.7502 is the 38.2% retracement. The high correction point got up to 0.7496 so far.
A battle is on, but there is some bull in what has been a bearish day/few days.