Trades to new session lows in the New York session
The AUDUSD moved higher in Asian and early European trading, but ran into topside resistance against day trendline on the hourly chart. Sellers leaned against level and pushed the price modestly to the downside. The bearish bias at least intraday, was helped when the corrective high in the early North American session stalled against the 50% retracement of the March move lower. That level comes in at 0.60945. A total of 3 hourly bars stalled just ahead of that level in the last 6 or so hours of trading. Stay below keeps the bears in control intraday. That is a risk level on moves to the upside.
On the downside, there is support near the 0.5973 to 0.59845 area. That is home to swing levels going back to March 19, March 20, March 24 and March 25. Yesterday the price extended above that level on its way to the high today.
Below that area sits the 100 hour moving average and 38.2% of the move lower in March. That retracement level comes in at 0.5955. The 100 hour moving averages at 0.59597 currently (and moving higher).
