200 hour MA and 38.2% retreacment.
The AUDUSD is currently testing support against the 200 hour moving average at 0.70876 and the 38.2% retracement at 0.70838.
The pair has been on a sharp move lower soon after the initial bearishness. The lower stocks are not helping. Technically, the pair moved back below the 100 day MA at 0.7142. The topside trend line held resistance yesterday as well (see chart below). So traders have longer term bearishness from that perspective.
So longer term, not so hot. Intraday sitting on some good support though A correction (if support holds) could see a retest of the 100 hour MA (blue line at 0.7121 in the chart above) but that should cap the rally.
