Can’t take out the Friday lows today
The AUDUSD is trying to get out of the bearish woods.
The price low today tried to crack the Friday lows at 0.7097. Those lows were helped by a break of a lower trend line. The price action today has pushed the price back above that trend line (currently at 0.7110).
The pair is not fully out of the bearish woods but traders area trying.
Drilling to the 5 minute chart below, the price low on the last intraday dip stalled at the 100 bar MA (blue line in the chart below). That currently comes in at 0.7118. Staying above will be indicative of a more bullish intraday bias. Stay above is more bullish and the corrective bias higher can continue.
What is not so bullish (and that should keep longs cautious), is that the weekly chart cracked below a lower trend line and below swing lows from 2016 at the 0.7144-59. If the price low is in place, those level need to be rebroken. Until then, the sellers still have the upper hand. Be aware.