GBPUSD. The GBPUSD is also trading to new session lows as traders exit for the day and Europe. The low price just reached 1.3308 and in the process moved below the low price from yesterday at 1.33157. Earlier, the price fell below the swing low levels from the end of January between 1.33574 and 1.33739. Admittedly that area was broken on Thursday of last week and again yesterday, but the price snapback higher and above that swing area. This is the third move below that swing area, and traders will once again be using it as a risk defining level. Stay below 1.3357 – 1.33739 and the sellers are firmly in control. The low price from last Thursday at 1.3272 is the next major target.
AUDUSD: The AUDUSD has moved to a new session low of 0.72414. In the process, the price is getting closer to the 100 day moving average at 0.72358. Recall from going back to February 10, February 23, and February 25, the price tested the 100 day moving average and found sellers. There was a break above on February 23 which moved to a high of 0.72831, but the break only lasted around 12 or so hours. Yesterday the process broke above the MA again and made a new high for the year at 0.7289 during trading today. However all the gains today have been erased and the 100 day moving average is back in play. Move back below the 100 day moving average and the selling could intensify with the 100 hour moving average at 0.72135 and the 200 hour moving average at 0.7210 as the next downside targets.