The AUDUSD has moved steadily lower over the last five trading hours and in the process as seen the price moved down to test its 200 day moving average and 100 hour moving average near 0.7320.
The dual moving averages should give traders pause for cause, with stops on a momentum move to the downside. A swing low from Friday’s trade at 0.73128 and the 38.2% retracement of the move up from the February 24 low at 0.73083, would be eyed as confirming levels to get to and through with breaks likely to lead to more selling.
Hold the area, and we could see some covering after the run lower.
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