Also the 50% retracement of the move higher
The AUDUSD made another stride in the bears direction by falling below the 50 % retracement of the move up from the April 1 low and the 100 day MA (blue line in the chart above). Those levels come in at 0.7847 and 0.78415 respectively. This is the new risk defining level for the pair. Stay below and the bears remain in control. Move above and the waters get more muddy.
The pair has been down 6 of the last 7 days. The high corrective price today, stalled right at the 100 hour MA (blue line in the chart below). Traders short from that risk defining level, were rewarded with a kick lower after the US CPI data. Next support target at 0.7800, then 0.7772 (61.8% of the move up).
