Technical move in the pair?
The AUDUSD in the Asian session tried to extend above the 100 hour MA. The price had now been above the 100 hour MA since June 10. That break failed, however, and the rest of the day, had traders leaning against the MA level but in a very narrow range. The price just cracked to a new session low as buyers gave up.
The low just reached 0.6861. That is near the lwo from June 13 and represents the lower swing area level (between 0.6861-66). A move below that level will keep the sellers in charge and have traders looking toward the lows from yesterday.
Clearly, on the topside, if the 100 hour MA is broken at 0.68754 the pair can go higher. The 0.6881 highs from both yesterday and today is the first upside target. Above that, and the 0.6900 to 0.69038 are the next targets.
For now, the sellers are trying to take more control as it tests the swing low target area. Can it be broken or will the buyers show up one last time ahead of the Fed?