Tests lower trend line on the hourly
The AUDUSD has backed off after trading to the highest level since February 2019.
Drilling to the hourly chart, the pair is currently breaking below a lower trend line at 0.7248 and is testing a swing area between 0.72388 and 0.72457. A move below that area would look toward recent swing lows at 0.72265. Below that and the pair will look toward the 38.2% at 0.72112 (the move up from the August 12 low – see chart below).
Sellers are looking to take back some control after the fail to new highs.