Last Friday, the price move below that key daily moving average
The AUDUSD is running to the downside as risk off and negative technicals lead the way to the downside.
The NASDAQ index is down around -100 points (but off it's lows). The S&P and Dow industrial average also negative. The S&P has been up eight straight days. The NASDAQ is on a 11 day winning streak. Both are in jeopardy been broken today. There is room to correct. When stocks move lower, it can have an impact on the commodity/riskier currencies like the AUD.
Technically, for the AUDUSD, the price stalled near the high from yesterday at 0.74305. The move back below its 100 hour moving average - and successful retest of it - gave the sellers the confidence to push the price to the downside over the last hour or two.
The price is now testing its 100 day moving average at 0.7375 after the all.
Recall from last Friday, the price stalled against that level in the Asian session, then fell below the level going into the US jobs report. The price bottomed after the data and quickly rebounded back higher.
There is also a swing area (see red numbered circles) up to 0.7384. That will now be close risk for sellers looking for a break back below the 100 day moving average.
Conversely dip buyers against the 100 day moving average would want to see the price move back above that 0.7384 level and start to build the upside technical storyline off the 100 day MA support. The Asian session low at 0.7390 would be a another target to get above and would give the dip buyers some comfort that the low is potentially in place.
On a break of the 100 day moving average the low from last week at 0.73592 would be the next obvious target.
