Cracks below technical levels continue.
The AUDUSD trades to new session lows and continues the trend move lower today.
Technically, the price today
- sold off from a topside trend line in the Asian session (on the hourly chart above)
- Fell below the 38.2% of the move up from the June 18 low at 0.69646
- Stalled but then fell below the 100 bar MA on the 4 hour currently at 0.69575
- Fell below the 200 bar MA on the 4-hour at 0.69485, and
- More recently fell below the 50% of the same move up from June 18 low at 0.6939
We moved to a new low at 0.69199 and target the 61.8% retracement at 0.69136.
Drilling to the 5 minute chart below, the pair is trending lower and staying below its 100 bar MA (blue line at 0.69345 currently). It is also below a downward sloping trend line at 0.6930. It will take a move above each (and staying above) to give the buyers some comfort. Absent that, the sellers remain in control and the trend continues.
