AUDUSD tests key 100 day MA at 0.66584

Technical Analysis

As the US stocks get hammered with the Nasdaq index now down -3.37% and the S&P down over 2.55%, the AUDUSD is taking on some downside price pressures on “risk-off” sentiment.

Looking at the daily chart, that move has the AUDUSD pair down testing the 100 day MA at 0.6658. The last 6 trading days has seen that MA try to hold support. On Tuesday, the price broke below, but could not sustain momentum and the price rebounded.

A move below the MA would tilt the bias more to the downside with the swing low from Tuesday at 0.66284 the next target to get to and through. Move below each opens the door for further selling momentum.

Hold support at the level, or fail on the break and the price can restart the “up”, in what has been an “up and down” trading month.

The 200 day MA earlier this month was tested but the rally fell short of that target. The price has not traded above the 200 day MA since June 3.

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