AUDUSD trades to new lows and tests 100 hour MA

Technical Analysis

The 100 hour MA comes in at 0.7165

The AUDUSD is trading to a new low and in the process is testing the 100 hour MA at 0.7165. The pair is also testing the 38.2% of the move up from the low last Friday at 0.7164.

The pair opened the week and traded the low for the week in the first hour of trading on Monday at 0.7083. The high was reached today after the pair had tried to extend above a topside trend line. The buyers tried, but they ran out of upside momentum.

The subsequent fall over the last 9 or so hours moved below the swing highs from July 22 and July 28 at 0.7176-816.  Watch that area for potential resistance now. Stay below keeps the sellers in control.

On the downside, should the 100 break, the 200 hour MA will be eyed at 0.71429. The low from yesterday fell to that MA and found buyers on the test.  Today that MA is near the 50% increasing the levels technical importance.  

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