Erases Employment runup
The AUDUSD raced to new lows and tested the 100 day MA as the market gyrated this morning. The move erased the gains from the stronger than expected employment report on Thursday in Australia. Yesterday, the price tried to hold corrective levels against the 200 hour MA (green line in the chart below) but that support was broken and it has been a march lower since that time.
Now with the price back testing the 100 day MA is it enough. Will buyers reenter, or will the stock market, risk off, commodities lower (and therefore the AUDUSD) crowd keep the heat on through the 100 day MA? The good news is that level is there to define and limit risk, in this volatile (limited liquidity market). The 100 hour MA at 0.7244 would be an upside target now.
