AUDUSD back below key MAs

Technical Analysis

Moved back below 100 hour and 100 day MAs today

The AUDUSD after initially moving higher today, reversed course and tumbled back below key MA levels on the hourly and daily chart. 

The hourly chart above has the daily 100 bar MA overlaid on the chart and it – and the 100 hour MA – both come in around the 0.7617 level.  In the NY session there was one look above those MAs, but that was quickly reversed. The price reached a new low at 0.75846.

The low is just above what was a floor on March 24 and March 25, before breaking to the month low later on March 25. The swing area comes in at 0.7559-833.  The low for March reached 0.7563.

Sellers below the 100 hour/day MA looking for more on the break, would target getting below those levels to open the door for further downside momentum.  What those sellers DON’T want to see is a move back above the MAs.  

So sellers area in control once again. The correction seen over the last few days, could not get to the 200 hour MA, nor the 38.2% of the move down from the March 18 high.  Now with the price back below the 100 hour/100 day MAs, there is not a lot in the buyers favor technically.  

Invest in yourself. See our forex education hub.

Articles You May Like

USD/CAD Price Analysis: Buyers stepped in around weekly lows on risk aversion
Forexlive Americas FX news wrap: USD moves higher but quasi-holiday trading limits moves
How to Read Forex Economic Calendar So You Can Ride On High Probability Trades
Eurozone November flash services PMI 48.6 vs 48.0 expected
USDCAD falls to a new low and moves from 200 hour MA