The AUDUSD is also trading near a new session low and in the process is testing a cluster of support.
The first four technical levels have been broken with the 100 and 200 hour moving averages both been broken, the 200 day moving average, and the 38.2% retracement of the move up from the February 24 low at 0.73083.
The final target is the upward sloping trendline which cuts across at 0.7300. The last few hours have seen support buyers against that moving average. A move below would open the door for further downside momentum with the low price from yesterday at 0.7286 followed by the 50% midpoint at 0.72674
This article was originally published by Forexlive.com. Read the original article here.