Key target at 100 hour MA and 50% retracement
The AUDUSD has pushed to new lows for the session and in the process moved below the next target at 0.7578. The low has extended to 0.7568. The pair has a key support target at the 100 hour MA and 50% retracement at the 0.7547 level (both are converged at that level currently).
Should the bearishness continue, I would expect buyers to lean against that level as risk could be defined and limited.
The move lower today moved below the swing high from March 14 and a swing low from Friday at 0.7589-93 area. This is close risk for shorts. If the bears want to keep the sellers in charge, that level should act as a ceiling.
