Not a big change in an up and down session but sellers in control
The AUDUSD has been trading higher and lower today. The price is currently lower on the day, but not by a lot. The current price is at 0.7550. The close yesterday reached 0.7557.
Technically, the traders did try to base and move higher today. However, when a topside trend line was tested, the sellers entered and pushed back down. That channel trend line was actually broken on Friday but was quickly rejected (see red shaded area). The reestablishment of the line TODAY, solidifies the sellers as more in control. Until that line is broken - and remains broken - the buyers are losing. The line currently comes in at 0.7565 (and moving lower). If broken, the 100 hour MA will also need to be be broken. It stands at 0.7580.
Taking a step back and looking at the daily chart, the pair is also looking more bearish. ON Friday, the price decline was able to move away from a broken trend line (more bearish). That trend line currently comes in at 0.7582. Stay below is more bearish with the next key target down at the 0.7528 level (the 61.8% of the move up from the Dec 2016 low).
