The AUDUSD stayed below the 1.0140 level where the 100 hour MA was broken (high got up to 1.0137) and a new leg was started. The price is testing trend line support and below that the 38.2% of the two week trend move higher at the 1.0798. A break below the 1.0798 should open the door for further “risk off” selling.
Traders short from above would not want to see the price move above the 100 hour MA. Closer resistance comes at the 38.2%-50% of the last leg down at the 1.0107-1.0113 area. Staying below this Correction Zone area shows me the shorts remain in control/ the buyers off the low cannot take back some (i.e. the minimal) control.
