AUDUSD moves back to London sesssion low (and now below) as gains are retraced

Technical Analysis

Author: Greg Michalowski | audusd

Heading back toward session lows/50% retracement.

The AUDUSD moved above the 100 hour moving average (blue line) and a topside trend line earlier in the day, but that break failed. 

Heading back toward session lows/50% retracement.
The price has been moving lower in the NY session and just fell below the London session low at 0.67305 as I type. We are currently trading at 0.67265.

On teh move lower the price has moved back below its 200 hour moving average at 0.67353.  Stay below is now risk for shorts looking for more downside momentum.  

On the downside, the low for the day stalled at 0.67217. That was right on the 50% retracement of the move up from the October 2 low.   The move below that level has additional supported 0.6716-18 and below that the underside of the broken trend line and 61.8% retracement at 0.67095.

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