AUDUSD is up and down non-trending over the last few days, but control is with the sellers

The AUD/USD has been choppy and non-trending over the past few days, but the overall control remains with the sellers. The bearish bias stems from the pair breaking below the 200-hour moving average earlier this week and consistently staying below it on both Tuesday and Wednesday (see green line on the chart).

Recent Price Action:

• The pair has displayed higher lows and lower highs over the past two days, reflecting indecision and a market awaiting a stronger directional push.
• While the price action remains volatile, the bias continues to favor the downside as long as the pair stays below key technical resistance.

Key Takeaways:

• Downside Bias: Sellers maintain the upper hand as long as the price stays below the 200-hour moving average.
• Potential Reversal: Buyers will need a decisive move back above the 100 and 200-hour moving average to tilt momentum in their favor.

In the accompanying video, I’ve outlined the current bias, key risks, and what needs to happen to shift control back to the buyers. Until then, the sellers remain in control.

This article was written by Greg Michalowski at www.forexlive.com.