Sellers trying to take more control
The AUDUSD – after trying to move higher in the London morning session – reversed and cracked below trend line support and the 100 hour MA (blue line in the chart below). The 100 hour MA was tested both on Monday and Tuesday and held support. The move below should solicit more selling.
Technically today, the price stalled at a topside trend line (see red numbered circles) and then fell below a lower trend line (blue numbered circles). Each gave sellers the reasons to sell.
The fall below the 100 hour MA is another bearish signal. Stay below is more bearish with the 200 hour MA (green line) at 0.71012 the next target.