AUDUSD fails on look above 200 week MA

Trades between the 100 and 200 hour MA

The AUDUSD took a look above the 0.8000-06 area into the Asian session. The RBA decision and comments helped to send the pair back below on concerns about the high currency. The price has moved to the between the 100 and 200 hour MAs at 0.7983 and 0.7955. The pair has not been able to get a meaningful break below these MAs since breaking above back on July 11th. A move below should be more bearish.

If broken, the low from Friday at 0.7936 is the first target, followed by the 0.7901 where there have been a number of swing lows. Below that the 38.2% and double bottom at 0.78767 are targets.

Close risk comes against the 100 hour MA, followed by the 0.8000-06 area (200 week MA). Stay below keeps the bears hopes alive.