Price is now threatening a break of the 100-hour moving average
The near-term bullish bias/momentum is under threat now after several attempts since yesterday failed to break below the 100-hour MA (red line). Risk started the day on the front foot but tailed off mid-way through the European morning before JP Morgan triggered a further selloff now ahead of US trading.
There is some near-term support in around 0.7170-85 for AUD/USD but realistically the break of the 100-hour MA is rather significant as it puts sellers back in the game. The 100-day MA sits at 0.7174 and would be a part of that support region above so keep an eye on that in the session ahead.
Further support is then seen around 0.7145-50 before a move towards the 200-hour MA (blue line) @ 0.7130 will be called into question.
Right now, risk sentiment is basically sitting on a knife's edge. I reckon all it takes is just one more negative headline and it will trigger a real selloff in the session ahead. Be careful out there.
