After rebounding after the US election last week, and approaching the AUDUSDs 100 day MA, buyers turned to sellers and have pushed the price lower ever since.
For this week, each of the days have been lower Will today make it 5 for 5?
Technically, in order to turn the bias around and give the buyers some comfort, getting and staying above the 100 hour MA is needed. The problem is with the price at 0.6450, the 100 hour MA is up at 0.6524. The good news is because the price has been trending lower, the MA is moving lower fast with the price but still lags.
Nevertheless, as time goes by, and with a modest correction, both those may meet.
Until then however, the sellers are more in control. The buyers are losing.
On the downside there is some support at 0.64349. If the price moves below that level, the sellers add to their control.and you can expect more downside momentum
This article was written by Greg Michalowski at www.forexlive.com. Source