The AUDUSD has closed below the 100 hour MA over the last 7 hours
As the NY session works toward a close, the AUDUSD has spent most of that time below the - now flattening - 100 hour MA (blue line). The last 7 hours have seen the price close below on the hourly chart. The problem is the move lower has not been that inspiring. The 100 hour MA is at 0.72785. The low in the NY session reached 0.72596.
As we head into the new day, that 100 hour MA will remain the barometer. Stay below and get below 0.7266, then move below the low from yesterday at 0.7251 and sellers might feel more confident. From there, the low from November 6 at 0.72383 will open the door for a move toward the 38.2% of the move up from the November 2 low at 0.72058 (and the rising 200 hour MA at 0.71919).
There are a lot of steps to move about 80 pips, but those are the requirements for the shorts.
Move above the 100 hour MA and the 0.7300 level and highs from today (at 0.73174) and Monday (at 0.73392) are the obvious targets.
