Reverses from 100 hour MA
The AUDUSD has reversed course over the last few hours and now trades at the lows for the day and at the lowest level since September 21. US stocks are lower (European stocks ended the day down). The S&P is down -0.53% while the Nasdaq is down -0.53%. Gold is down -0.61%.
The pair rallied after the US employment report but ran into sellers near the 100 hour MA (blue line in the chart above).
The Bears currently testing the swing low from September 21 at the 0.75558 level. The 61.8% retracement of the move up from the September 13 low comes in at 0.75438.
The low from yesterday at 0.75616 and the Asia-Pacific low at 0.7560 was taken out on the move to the lows. That will be eyed as really close resistance. Stay below and move toward the 0.75438 might be in the cards before the weekend. THe 100 day MA at 0.75175 is another key support target to keep in mind. The price has not traded below the level since September 16th.
If the extension is just a Friday liquidity thing, a move above the 0.7560 level will likely retest 0.7575 (50%) with a move above that level next targeting the 200 bar MA on the 4-hour at 0.75922 level.