The AUDUSD is banging against the 38.2% retracement support level of the move up from the March 15 low at 0.74712. The low for the day has so far reached 0.7473, but there are on a number of lows between the level of 0.7476 today on the hourly chart.
Other swing lows going back to March 24, extend down to 0.74656. So the area between that level and the 38.2% retracement at 0.74712, needs to be broken to give sellers more confidence. Below that a further break of a swing area between 0.74497 and 0.7455 would be the next downside target if sellers are to continue to probe the downside.
Of note from earlier today was at the price corrected up to retest its broken 200 hour moving average (green line currently at 0.75184) and found willing sellers against that level giving the sellers the go-ahead to push lower toward the 38.2% target.
The question now is "Can the sellers continue through the next targets?"
