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 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 before finding sellers against the moving average levels and pushing lower. Sell 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 level would take the price in the lower extreme area bottoming at the June low of 0.7476.
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.
The June 2021 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