The AUDUSD has moved lower on the back of the strong US Employment report. However, it has run into a fairly strong support level on the daily and hourly charts.
The bottom trend line on the AUDUSD has been tested at 0.83133 today (low 0.8319). Key support target.
Looking at the daily chart, the price has a bottom trend line support line that comes across at the 0.83133 level today. This line connects lows from August 2013 and January 2014.
On the hourly chart, there is a similar lower trend line which comes in at the 0.8318 level currently. The low has come in at 0.8319. This is a risk defining level for buyers and a profit taking area for shorts. On a break, traders can stop or reestablish shorts.
AUDUSD tests trend line support on the hourly chart too.
There is good support, it is well defined. However, the major trend is still down and the buyers have to prove they can take back some control. So on a correction, the pair will need to get above the 0.8341-479 area. This is the 38.2-50% of the trend move down today from the better than expected employment report. If this are can be breached, there is potential for a further wander higher with the 100 hour MA on the 5 minute chart below, a potential target (it is moving down)
The 38.2-50% of the move down will need to be breached for buyers to take more control.
