Trend line/MA/38.2% in the same area
The AUDUSD has had an up and down day. The pair is still up vs. yesterday's close, but did find resistance against topside trend line in the European session. It is back down and is currently testing a support area defined by the
- 38.2% retracement of the last move higher at 0.70274,
- the 200 hour moving average (green line in the chart below at 0.7031), and
- bottom trendline support at 0.7026
There could be some support buying with stops on a move below. As Adam points out the pair has been pushed lower as stocks head lower and traders exit risk. We will see if the technical cluster has an impact (might need some help from the stocks however).
