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AUD/USD has found acceptance below the 50-hour moving average (MA) of 0.7073 and is currently trading at a session low of 0.7063 – trendline connecting March 8 and March 13 lows on the hourly chart.  

A close below 0.7049 would invalidate yesterday’s bullish hammer candle and open the doors to re-test of recent lows near 0.70.  

A close above 0.7098 (high of yesterday’s hammer candle) is needed to revive the corrective rally.  

Daily chart

Hourly chart

Trend: Bearish below 0.7049