AUDUSD moves toward week's lows and below cluster of MAs
The 200 hour, 200 bar MA on 4-hour and 200 day MA have all been broken
The AUDUSD has moved to a new session low for the day and the week too, and in the process has moved back below the 200 hour MA, the 200 bar MA on the 4-hour and the 200 day MA at the 0.6886 to 0.6888 area. The new low for the week took out Wednesday's low at 0.68767.
Stay below the cluster of 200 bar MAs, now and the sellers remain in control. The next downside target comes in at 0.6869. Below that level in traders will start to look toward the bottom floor from January 8 January 9 and January 10 at the 0.6848-51 area.
For the week, the range just extended to 60 pips in total. There were two weeks in 2019 with a lower trading range (around 45 pips). So it is not a recent record but it is not all that great either.
The high price on Thursday extended above its 100 bar MA on the 4-hour chart at 0.6925 area but backed off. On Monday, that MA stalled the rally. So the failure invited shorts to take back control. The high price this week was also able to extend above the 38.2% retracement but fell short of the 50% retracement at 0.69398 (of the move down from the December 31 high). Overall the attempt to move/correct higher was on the weak side.