The AUDUSD successfully tested its 100 hour moving average in the European morning session and bounced. The bounce took the price up to test a swing area between 0.7511 and 0.7522 ahead of the high from last week at 0.75457. That high was the highest level since July 6.
The move back to the downside retested its 100 hour moving average over the last few hours, and once again, the price has found support buyers. PS. Not only was the 100 hour moving average been tested but also a rising trend line on the hourly chart. Those levels cut across near the 0.7492 level.
Although the recent dips have found buyers near the 100 hour MA, the price for the AUDUSD has traded below its 100 hour moving average both on Friday and again on Monday (and even today with the largest break in the early Asian session).
However, the price has NOT been able to get below the lower confirming 200 hour moving average (green line) currently at 0.7464. In fact, the price has not traded below its 200 hour moving average since October 6.
If the sellers are to take more control, getting below the 100 hour moving average/trendline and then the rising 200 hour moving average would be the minimum steps for the sellers to wrestle back some control from the buyers (with more work to do). Absent those technical moves and the buyers are still in firm control/the sellers are not winning.