The AUDUSD fell sharply today after an initial move higher found will sellers vs the 100 day MA. The subsequent fall has now taken the price below the 200 day MA at 0.6725. That MA along with the 200 hour MA is now risk for sellers. Stay below is more bearish.
The price is currently trading up and down near the 50% midpoint of the move up from the end of April low at 0.6693. Traders are looking for the next shove.
On the downside, the next target comes between 0.6676 and 0.6680. Below that in the 61.8% retracement of the move up from the April 28 low cuts across at the ominous 0.6666 level.
This article was originally published by Forexlive.com. Read the original article here.