Price moved toward 100 hour moving average

The AUDUSD is under pressure as US stock futures move lower in premarket trading. Both the S&P and Dow are heading for a lower opening. The NASDAQ is given up much of its gains as well.

Price moved toward 100 hour moving average_

Technically for the AUDUSD, the pair tested its 100 day moving average at 0.6562 in the late Asian session. The high price extended to 0.65693 but could not sustain momentum above that key moving average. Later in the European session the price moved below a upward sloping trend line. A retest of that trend line and the 100 day moving average found sellers. The last 2 hours has seen the price move sharply lower.

The next key target would be the 100 hour moving average at 0.6481. The current price is at 0.6492. The price has not traded below the 100 hour moving average since April 23. A move below would target the 38.2% retracement of the move up from April 21 at 0.64483.