Watching 0.7494 on the downside
The AUDUSD has moved lower in trading today and is down on the day. The last 11 trading days has seen the pair move up from a low of 0.7107 to a high of 0.7593 today. In the process, the price moved above the 50% of the move down from the May 14 high at 0.74945. That level also corresponds with high prices from July 2015.
Today, that 0.74945 level was tested on the downside. The low today reached 0.74948 (see daily chart above).
Looking at the hourly chart, the 100 hour MA is moving higher and currently is at 0.74915 (see blue line in the chart below).
So with the 50% at 0.74945 and the 100 hour MA at 0.74915 That should make for good support. That is what we have seen on the first look as well. We are currently trading right around 0.7500.
Will the level hold? Risk can be defined and limited against the area.
