August 8, 2022

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AUDUSD near session lows, but still in ahead of the September lows

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September lows between 0.72196 and 0.72224

The AUDUSD try to move higher (off the 100 hour MA) in the Asian/early European session, but stalled ahead of a swing area between 0.73125 and 0.73226 (the 38.2% retracement is within that swing area at 0.73184 as well). 

September lows between 0.72196 and 0.72224_

The subsequent tumbled to the downside initially stalled initially near the 100 and 200 hour moving averages today which are near converged at 0.7268.  

However, the momentum to the downside increased in the London morning session, and a low of 0.7229 for the day has been reached. 

The last four hours have seen lows between that level at 0.7229 and 0.72316. The lows today still remain above the September 20, 21, and 23 lows between 0.72196 and 0.72224.  Ultimately, that floor area needs to be broken and stay broken to keep increase the bearish bias.   Absent that and the floor remains the floor and does not turn to a ceiling from a break. 

Looking at the daily chart, in August the price moved to the 2021 low at 0.71057. Ahead of that, there may be some support between 0.71328 at 0.71568. Those levels are in play but only on a break of the aforementioned floor at the 0.72196 to 0.72224 area.

AUDUSD on the daily chart




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