FX:AUDUSD Australian Dollar/U.S. Dollar
During the Asian session, looks like novice players came in to the market and drove the price higher until it reached a massive amount of institutional willing sellers. SLs were triggered to add up the momentum downwards.
The reality is, price wont move up or down if there is no willing participant such as banks to buy or sell an instrument. News, are driven by the crowd, but institutional players such as banks are just awaiting for the most attractive price in the market for them to sell if it looks expensive and buy if it looks cheap.