The AUD is the strongest and the GBP is the weakest
The AUD is the strongest of the major currencies today, while the GBP is the weakest. That makes the GBPAUD the biggest mover and indeed the pair has moved nearly 1% today (the actual move is 0.97% today). How does that look on a chart?
Looking at the 4-hour chart below, the price today has been able to extend and stay below it's 200 bar MA (green line) at 1.90064 level, and move through the low from last week at 1.89446.
The pair has moved to a new session low at 1.8890. The 1.8890 to 1.89177 area is home to a number of swing levels going back to November 15 (see green numbered circles). The low end of the that area is being tested as I type. Key level for both the buyers and the sellers. Stay above keeps the buyers in control. Move below and there should be more selling as the floor is broken. The 1.8800 midpoint would be the target on more momentum selling.
Do the buyers lean and stall the fall? If the buyers can hold and get the price back above the 1.89177 level, they will breathe a little easier. If the level is broken, I would expect the buyers would turn to sellers against the risk defining level.
