Pretty big break....
The AUDUSD tried to go higher early in the Asian Pacific session, fell and tested trend line support. Rebounded to the 100 day MA and has subsequently fallen below the trend line. I outlined this bearish technical trade idea in my video from last night.
The move below the trend line and away (modestly) from the 100 day MA, 200 bar MA (green line in the chart above), is more bearish for the pair. Traders - who are short/bearish - will want to see the price remain below that trend line. That trend line comes in around 0.7467.
The low today extended to 0.7442. The next major target (stay below trend line above) will look toward the 0.7409 area where the 50% is found and also the low from July 5th.
