The AUDUSD has moved back below the 200 and 100 day MAs at the 1.0396 to the and 1.0380 level respectively. Trendline support comes in at the 1.0326 level. This trendline was broken yesterday, but the move failed. I will keep the lines orginal integrity in tact. The low yesterday reached 1.0303 before bouncing higher.
These keyMA levels have to be respected in defining the risk for the pair. Since January 18th, the price has not closed below the 100 and 200 day MA on the same day. Until the buyers can push the price back above, I have to assume the bias is bearish as a result. A move back above and all bets off ,but until then I expect sellers on the rallies against the levels.
