The AUDUSD has move away from the 200 hour MA and also making a break from the 50% of the move up from the July 2012 trading range. That level comes in at 1.02712. Traders will now look for those levels to define upside risk. Stay below and the trend down can continue. The next target would look toward 1.0250 (high from July 16th open and break area from July 17th) and the low from July 17 at the 1.0235. The 61.8% of the move up comes in at 1.02307 (see chart above).
Looking at the 5 minute chart the move downs today has been orderly, with the exception of a corrective move in early NY trade that got close to the 100 bar MA on the 5 minute chart. That move was quickly snuffed out, and the pair has since resumed the downward trend. The price is currently testing channel support on the 5 minute chart at 1.0252. This may solicit some support buying but I would expect rallies to find sellers against hte 1.0271-80 area.
