Swing area near 0.7222 stalls the fall today
The AUDUSD sold off in reaction to risk off sentiment today. The move to the downside saw the price move back below the converged 100 and 200 hour moving averages in the London morning session, and continue the fall to a swing area between 0.72199 and 0.72248. The low for the day reached 0.7225 just above the high of that swing area.
The subsequent rise has seen the price move back above the 200 and 100 hour moving averages. However momentum could not be sustained above those levels, and the price has since rotated back down. The current price is trading at 0.7245. The moving averages are at 0.72519 and 0.72594 respectively now.
It will take a move back above the moving averages to increase the bullish bias. Absent that, and the sellers are more in control with the low for the day, and the lower swing area as the next key target. Will below that area and the extremes down to 0.71684 would be targeted.
