The AUDUSD is testing the 100 day MA at the 1.0377 level currently. The 200 day MA has been broken today at 1.0398.

Break below the 100 day moving average and there should be further downside momentum with the 50% of the move up from the December 2011 low at the 1.03569 level and the low for March at 1.03344 the next targets below. Once these levels are cleared, the downside opens up for the pair.

The sellers would not like to see the price move back above the 200 day MA now at the 1.0398 level. This would be a disappoint and should lead to further short covering potential.