Seller making another bearish play. Can it stick this time
The AUDUSD is moving away from the 200 hour MA at 0.7723. that is nothing new. The prior 3 trading days has seen moves below the 200 hour MA, but moves lower intraday have been reversed. Each day closed back above the 200 hour MA.
Today is the 4th day in a row back below the MA level. Will the 4th day be the charm? Sellers are hoping for it. Stay below, keeps the sellers in control.
On the downside, the 0.76846 to 0.76911 are the next swing target (see red numbered circles). Below that a bottom channel trend line comes in at 0.76714. Move below each, will have traders looking toward the March lows. At the low for the month, there is a double bottom at 0.7621. Move below opens the door for further selling.
Sellers are taking control. Can they keep control through the FOMC decision and press conference? The levels are in place. The forward targets to the downside are in place too.
