There was a very long rotation on the AUD/USD. Now it seems that the price finally broke out of the channel into a sell-off. If this selling wasn’t just a false break-out then it indicates that there was a lot of short positions accumulated within the rotation area. Most of them at 0.7388 – this is the POC of the rotation.
When the price makes a pullback to this area I expect that the sellers will defend their selling positions aggressively and that they will push the price lower again.