AUDUSD makes new low going back to July 2020, and tries to extend back above 2021 low

The AUDUSD fell to a new low going back to July 2020. In the process, the price fell below the 2021 low at 0.6992. The low price reached 0.69669 and stayed below that level for around three hours before rebounding back above.

The last 5 hourly bars has seen the price trade above and below that low as traders ponder “do I go off the ledge (again)” or “take the failure on the break and start a corrective move higher”? (see the hourly chart below).

If the direction is to the upside, the 0.70226 level would be the next target to get to and through. Absent that, and the sellers are continuing to win and the buyers are still nervous. That is the minimum confirmation target.