USD selling turns to USD buying vs the AUD
The AUDUSD is see more "risk off" flows which runs counter to the dollar negative flows in pairs like the USDCHF and USDJPY. The pair has moved down from it's high on the last hourly bar at 0.7303. The current price trades at 0.7271.
Technically, the price for the AUDUSD chopped up and down in the Asian and early European session, but ended up finding support buyers against its 200 hour moving average (green line) at 0.72513 before running to new highs in the US morning session on USD selling.
As mentioned, the last two hours have seen a reversal of that trend with the price now trading to a new US session low. The tumbling US stock market(Dow -1.27%, S&P - 1.63% and NASDAQ -2.47%) has led to the shift toward the "risk Off" trade.
On the move lower, the price has dipped back below the 38.2% retracement of the move down from the September high to the September low. That level comes in at 0.72864. That level is now close risk now for sellers. Stay below is more bearish. On the downside, the key target below remains the 200 hour moving average at 0.72513. There might be some interim support near 0.72633 which was the swing high from Wednesday.
