AUDUSD moves back toward the 200 hour/200 day MAs

Technical Analysis

Author: Greg Michalowski | audusd

Trades at new London/NA lows

The AUDUSD is moving lower (the USD is generally moving higher over the last hour) and is approaching a key support target defined by the 200 hour mA at 0.7792 and the 200 day MA at 0.77884.  The combination should give traders some cause for pause with stops on a break. 

The high today did not really get close to the upside target at the 100 bar MA on the 4-hour chart at 0.78368 level. The move back below the 38.2% retracement at 0.78173 gave sellers the go ahead to take the price back down technically.

If the MAs are broken below, the rising 100 hour MA at 0.7772 currently and the broken trend line a little higher from that level will be the next target. 

Right now though, look for the buyers to stick a toe with risk defined and limited.