The technical picture stays weak
The AUDUSD has reached a low price of 0.6764 so far today. The current price is not far off that level at 0.6767. Sellers have continued to push the price lower on fears of the coronavirus. Australia is reliant on China for their export economy. Proximity is also a concern.
Technically, in trading last week the price high toward the back end of the week stalled against its 200 bar moving average on the 4 hour chart currently at 0.6878 (see the chart above).
Today the price dipped below the December 10 low at 0.6799 (call it 0.6800) and a lower trendline at 0.6788 (that line is currently at 0.67843). Stay below that trend line and below the December 10 low and the sellers remain in control. Move above and the technical waters get a little bit more money.
On the downside, traders will be eyeing the November 29 low price of 0.67525. A move below that level would look toward 0.6723 (see daily chart below). The low prices from 2019 are centered around the 0.66714 to 0.66887 area (see lower yellow area on the daily chart below). In trading today the price move below and is running away from broken trend lines (see chart below). That increased the bearish bias for the pair.
It would take moves back above those trendline levels, and then the broken 100 day moving average at 0.683862 (blue line in the chart below), to tilt the bias more to the upside on the daily chart.
