100 hour MA/38.2% retracement.
The AUDUSD is testing a key technical support level. The pair is testing the 100 hour moving average (blue line in the chart below) and the 38.2% retracement of the move up from the August 1 low (RBA cut day) and the high reached today. That level comes in at 0.7595.
Look for shorts to use the 0.7622 level as a risk defining level. It is the 38.2% of the move down and also near Asia-Pacific low levels (see chart below). If the sellers are to remain in control, I would expect them to lean against this level.
