100 day MA at 0.7478 today
The AUDUSD has fallen sharply in trading today but has found a stall point against the 100 day MA. That moving average comes in at 0.7478 and that is the low for the day. Traders are leaning against the level with stops likely on a break below.
The AUDUSD has a trading range of 112 pips today. The 22 day average is 102 pips. So that gives traders who are short a reason to expect a pause at the key technical level and that is what we are seeing. A break below should open the downside up for further declines as long as the price can stay below the line. Earlier in the month, there was a move below the 100 day moving average line. That move quickly failed however.
