AUDUSD moves back below the March low at 0.7165

The AUDUSD move lower yesterday and in the process, took out the March 2022 low at 0.7165. The low price extended to 0.7134 in choppy trading around that old low level, but by the close was trading back above. In the early Asian session, the price continued its move to the upside help by news of PBOC vowing more support for the economy. However after the price reached a swing area between 0.7227 or 0.72348, the buyers turned sellers in the price has stepped lower since then.

The last two hourly bars have seen the AUDUSD price move back below the March 15 low at 0.7165. Stay below keeps the bears firmly in control. Move above, and there could be some additional disappointment on the inability to take out the low from yesterday at 0.7134. However, there would still be more upside work to be done to give the buyers more confidence and control (and scare some more shorts near lows).

Drilling to the five minute chart below, yesterday into the close, the AUDUSD price started to move back above its 100/200 bar moving averages for the first time since the afternoon of April 21.

In the early Asian session there was a last dip down toward the 200 bar moving average but found support buyers. That helped to push the price more to the upside.

The high corrective price in the AUDUSD today stalled against a consolidation area from Friday and yesterday. After waffling back above and below the 100 and 200 bar moving averages, a final dip below the 200 bar moving average today found sellers against the level, and has pushed lower over the last hour or so of trading.

The 100 and 200 bar moving averages on the five minute chart come in at 0.7190 and 0.71954 respectively. They now are close risk on the five minute chart.

A move above 0.7165 low from March 15 would be a step in the short term buyers direction. However, it would take a move back above those 100 and 200 bar moving averages on the five minute chart to tilt the bias more in the direction of the buyers (give sellers some cause for pause).

Until then, the AUDUSD sellers still hold the strongest hand.

Be aware.