Moves toward the June extremes
The AUDUSD opened today between the 100 hour MA above (at 0.7575 currently), the 200 day MA below (at 0.7558). In between those two moving averages, was the 200 hour moving average (currently at 0.75527).
In the Asian session, the price traded above and below the lower 200 bar moving averages (hourly and daily) before finding sellers against the moving average levels and pushing lower. Selling intensified as the price moved away from the cluster of moving averages.
The price low has extended to 0.7507. That is within a lower swing area between 0.7506 0.75121 that goes back to June 18. A move below that area would take the price into the lower extreme area bottoming at the June low of 0.7476. Stay above, and we could see sellers give up, and a rotation back toward a retest of the moving averages. Key intraday level. It will help to swing the short term bias.
Taking a broader look at the daily chart, the 50% midpoint of the move up from the November 2020 low price comes in at 0.74983. With the 200 day moving average in the rearview mirror (above at 0.7558 – green line), that is the next target to get to and through. Move below, and the June 2021 low is the next hurdle.
Speaking of that low, the June low did test the swing highs and the lows going back to December 2020. At that time, the price based, and took off to the upside toward the February high. That dynamic increases the levels importance going forward. Move below should increase the bearish bias. Hold support, and the downside price action may be over.