Moved back below 100 hour and 100 day MAs today
The AUDUSD after initially moving higher today, reversed course and tumbled back below key MA levels on the hourly and daily chart.
The hourly chart above has the daily 100 bar MA overlaid on the chart and it – and the 100 hour MA – both come in around the 0.7617 level. In the NY session there was one look above those MAs, but that was quickly reversed. The price reached a new low at 0.75846.
The low is just above what was a floor on March 24 and March 25, before breaking to the month low later on March 25. The swing area comes in at 0.7559-833. The low for March reached 0.7563.
Sellers below the 100 hour/day MA looking for more on the break, would target getting below those levels to open the door for further downside momentum. What those sellers DON’T want to see is a move back above the MAs.
So sellers area in control once again. The correction seen over the last few days, could not get to the 200 hour MA, nor the 38.2% of the move down from the March 18 high. Now with the price back below the 100 hour/100 day MAs, there is not a lot in the buyers favor technically.