December 9, 2022

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AUDUSD falls toward the 200 hour MA as gains are retraced

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The high price today stalled at a swing area

The AUDUSD is moving back down toward its 200 hour moving average as the gains for the day are being retraced. That 200 hour moving average currently comes in at 0.7535. The 50% midpoint of the move down from the June 25 is also in the area at 0.75297. Breaking below the levels would tilt the bias more to the downside, with the next target being the 100 hour moving average at 0.7508 area (blue line). 

The high price today stalled at a swing areaThe price of the AUDUSD moved higher earlier in the day utilizing a up ports open trendline as support. The pair extended above its 200 day moving average in the process at 0.75681. The high price extended to a swing area between 0.75918 to 0.76014. THe high for the day reached 0.75986.

The pair tried to hold support against the 200 day moving average, but when that moving average was rebroken over the last few hours (and the trend line was also broken), the momentum to the downside increased.
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