AUDUSD rotates back down to 200 day/hour MAs and trend line

Technical Analysis

Author: Greg Michalowski | audusd

Run above the 100 hour MA failed earlier today

The AUDUSD has rotated back down and in the process moves toward a key target support area on the hourly chart defined by the 200 day moving average, the 200 hour moving average and a trendline. The levels come in at 0.6886 to 0.68879. Key area for both the buyers and sellers.

Run above the 100 hour MA failed earlier today
Key area for both the buyers and sellers. A move below should open up space for further downside momentum. Holding support against the area would have traders thinking of a retest of the 100 hour moving average at 0.69266. Earlier today, the price for the pair did move above that moving average level only to fail on the break. That helped to turn the tide back to the downside for the AUDUSD.
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