The pair touches a low of 0.7853
The break of the 100-hour MA (red line) is a crucial one as it now opens the way for sentiment to turn bearish.
Earlier in the day, I highlighted the pair's failure to get above 0.7900 and that is a good enough reason for sellers to drive the pair lower for the time being. That, and the fact that we have further geopolitical tensions rising from the Russia-UK situation as well.
While those geopolitical tensions haven't really harmed stocks, to the very least it's not helping to put a positive spin for the aussie or the kiwi currently in the FX space.
The next level to watch out for is the 13 March low of 0.7846, but the more prominent support will come from the 200-hour MA (blue line) sitting at 0.7830. Also, do look out for bids sitting at 0.7845-50 levels as Mike pointed out here, and more bids are lurking nearby right at the 200-hour MA at 0.7830 too.
