Below the early January swing lows
The AUDUSD has been dragged back down and in the process is retracing the gains post the better than expected employment data.
Maybe the EURUSD or GBPUSDs falls have helped. I know technically, the picture has gotten more bearish.
Looking at the hourly chart, the run to the upside after the jobs data took the price toward its 200 day MA at 0.6880. The high price reached just short of that level at 0.68783. The 200 hour MA is currently near that level as well. Stay below kept the lid on the pair and kept the sellers feeling ok...
In the early NY session, the price high could not make it any higher than 0.68766.
With the EURUSD tumbling, the AUDUSD started to lose upside steam too. The price moved back below the 100 hour MA at 0.68604 and then the 0.68553 swing high from yesterday.
The low has now breached below the 0.68433 to 0.68485. Looking back to the beginning of January, those lows formed a floor. This week the price has been above and below that area. Traders are trying a break once again.
In the way, on the downside is the 100 day moving average at 0.68387. The price is getting very close to that moving average line again. In trading yesterday ahead of the jobs data, the price moved above and below that 100 day moving average. A move below should solicit more selling and keep the sellers content. On a break, intraday close risk will be centered on the 0.6843 to 0.68495 swing area.
