Trend line, Swing low. 50% retracement give sellers a cause for pause
The AUDUSD fell below its 200 hour MA today for the first times since February 14th and moved lower.
However, over the last few hours the price has reached a cluster of support targets that should give sellers a cause for pause (at least technically).
Looking at the hourly chart above, the swing low from Feb 13 stalled at a low of 0.7827. The low today has reached 0.7829. Also near the level was a downward sloping trend line that cut across at 0.7828.
A little bit lower from those targets is the 50% of the move up from the December 7th low. That level comes in at 0.7819 (see 4-hour chart below).
That area - from 0.7819 to 0.7828, should give sellers a cause to pause, with stops on a break.
At 2 PM ET, the FOMC will release minutes from the last meeting. The Fed kept policy unchanged at that meeting and were a bit more hawkish in the statement.
There is no releases out of Australia today.
