Price of AUDUSD moves toward swing lows from September/October
The AUDUSD has trended lower today on the back of the runaway fall in global stocks.
Having said that, the initial move was to the upside in the Asian session today. That move, however, stalled against the high from last week at 0.71575. The inability to move above that level turned buyers into sellers.
The price fall took the AUDUSD pair below its 100 hour moving average (blue line), and its 100 day moving average at 0.71086. When the pair moved below its 200 hour moving average not far from that level at 0.7100, selling pressure intensified. The 200 hour moving average was also a swing low from both Friday and Monday (see green numbered circles).
The tumble lower saw the price move all the way below the October 21 low at 0.7043, but only briefly. Since then the price has waffled up and down.
Looking at the 5 minutes chart, the high off of the low reached 0.7069. That was also swing areas from earlier in the day (see red numbered circles). An intraday ceiling is being developed at that level. Just below it is the falling 100 bar moving average on the 5 minutes chart at 0.70662 currently (and moving lower). It will take a move above those levels to give buyers some comfort.
