Stays below the 61.8% retracement in the US session
The AUDUSD it has moved back down toward the low for the day which came in at 0.72876. The pair is currently trading at 0.7292.
In the Asian and European session the price continued the downward momentum seen over the last three trading days (this is the third day down in a row). That included moving below the 61.8% retracement of the move up from the September 29 low at 0.7316.
There was a brief corrective high in the London morning session, that ended up taking the price just above that retracement level, but the break failed and the rest of the London morning and US session has remained below the level (the New York session high came in at 0.73105). The retracement level is a short-term risk defining level for sellers now and going forward.
On the downside the 0.72876 level, was a low area back on October 8 and October 11, right before the next run to the upside for the pair. A move below that level would open up the door for further downside probing.
