The AUDUSD is extending to a new session low and in the process has moved below the 100 hour MA, and an upward sloping trend line. The price is approaching a swing area between 0.6940 and 0.69493. The rising 200 hour moving average is below that level of 0.69349. The price has not traded below the 200 hour moving average since January 6.
Stay below the 100 hour moving averages 0.69734 keeps the sellers in control in the short term at least.
Having said that, however, there is more work to be done. It would take a move below the 200 hour moving average (green line at 0.6934), and the 38.2% retracement of 0.69194 to give the sellers firm control over the buyers. Absent that in the correction is just a plain-vanilla variety.
AUDUSD is back below the 100 hour MA
