Yesterday the AUDUSD completed an up and down lap
Yesterday, the AUDUSD had a down and up day. The pair fell from an Asian session high of 0.6853 to a low of 0.6812 which was right around the 100 day moving average (blue line currently at 0.68118 today). The rally back higher stalled just above the earlier high for the day (see post from yesterday). Sellers leaned against the area and weaker retail sales and trade data have Australia help the sellers push even lower.
The low just reached 0.6822 and approaching technical support levels defined by the:
- 38.2% retracement of the move up from the November 29 low at 0.68199
- The rising 100 hour moving average at 0.68179, and the
- 100 day moving average at 0.68118
That area between 0.68118 and 0.68199 could give sellers some cause for pause or profit-taking from the move lower. If it work yesterday, why not today? However if there is a break of the 100 day moving average with momentum, I would not mess around with it and would expect stops from the dip buyers.
