The AUDUSD has moved below the 100 hour MA for the 1st time since June 12th and that turned the bias to the downside. The move lower was helped by holding the midpoint of the 2012 trading range yesterday. That level came in at the 1.02168 level. The high after the FOMC fireworks yesterday came in at the 1.0222.
If the bias to the downside is to continue, look for the price to stay below the 100 hour MA today (1.0140) on corrections today. ON the downside, the next key level to get below will be the intersection for corrective channel support and upward trendline support at the 1.0095 level. A break below this level and the 1.00798 level (see chart above – 38.2% retracement) and the risk off trade should intensify.
