The AUDUSD moved higher in early Asian trade after the Christmas hiatus and the move higher brought the price above the 100 hour MA (blue line currently at 0.6239). The break gave buyers some hope in the short term, but the high price ended up stalling at the bottom of the broken trend line (see circles with red numbers).
The move back below the 100-hour MA allowed the sellers to proceed to push lower and that move has seen the pair bottom near the earlier levels of the week. Buyers are leaning but the price is still topping the lows for the year reached last week at 0.6198.
Going forward, it will take another move higher and stay above the 100-hour MA to give hope to buyers. Without that, and the sellers are in control and we could expect new levels before the end of the year.
