Be aware.
The AUDUSD is lower on the day, but the pair continues to find support near the 100 hour MA. If you extend a trend line off recent swing lows, that line is also a support level for the pair. The 100 hour MA comes in currently at the 0.76526 level (see H1 MA 100 in the chart below). The low for the day comes in at 0.76527. The trend line is right at the MA level today. NOTE that at the highs today, the pair down sellers against the top side trend line. So traders area leaning above and leaning below at the moment (see chart below).
Looking at the 5 minute chart below, the correction off the 100 hour MA (blue overlay line on the bottom of the chart) has moved up toward the 38.2 – 50% retracement area (betwen 0.7674 adn 0.7681). The 200 hour moving average on the 5-minute chart is also near the 50% line.
If the sellers are to remain in control today, I would expect that they would lean against the 50% and the 200 hour moving average as a risk defining level. If the price can stay below this level, the bears/sellers remain in control. We should see a rotation back to the downside. If broken to the upside, the buyers are taking back more control.
Look for sellers in this yellow area.
