Interest rate cut has to be on the table
The AUDUSD has tumbled on the back of RBA Steven comments about the currency and the potential for further interest rate cuts. Last week the employment numbers came in much better than expectations which helped fuel a rally higher in trading.
The fall in the AUDUSD has found support against the 100 hour MA and the 38.2% at the 0.7724-308 area (see chart above). This is also near the low correction levels from Thursdays trade. Traders are leaning against the level on the 1st test. A break is needed to solicit more selling. If there is a break, the 200 hour MA (green line in the chart above) at 0.7690 will be eyed.