The 100 bar MA on the 5-minute chart keeps a lid on the pair (for now at least).
The USD is the strongest of the major currencies. The AUD is the weakest. That has led to the AUDUSD being the biggest mover of the major currency pairs. Indeed, the AUDUSD is down -1.04% on the day.
As posted earlier, the AUDUSD has been trending. You can see that on the 5-minute chart. A rule of thumb I like to follow when the market trends is "Look for the 38.2-50% retracement of trend legs to stall corrective moves". Looking at the 5-minute chart below, that is what has happened today. The yellow areas represent that "correction zones". Each trend leg has stalled in that area.
Having said that, the New York session has seen a new session low and extension of the last leg lower (from 0.6883 to 0.68586). However, the momentum has been more up and down.
Nevertheless, the 50% retracement just held resistance at 0.68708. Also in play in the falling 100 bar moving average which comes in just below that level at 0.68699.
As long as the price can remain below those levels, the sellers remain more in control. If the price moved above, the buyers have a "win". They are not winning the war, but they have won a battle.
For now, the buyers are still looking for their 1st win of the trend move lower today, but the sellers are keeping the foot on the throat of their foe.
