AUDUSD backs away from 100 hour MA after correction of move lower today runs out of steam

The AUDUSD AUD/USD The AUD/USD is the currency pair encompassing the Australian dollar of the Commonwealth of Australia (symbol $, code AUD), and the dollar of the United States of America (symbol $, code USD). The pair’s rate indicates how many US dollars are needed in order to purchase one Australian dollar. For example, when the AUD/USD is trading at 0.7500, it means 1 Australian dollar is equivalent to 0.75 US dollars. The Australian dollar (AUD) is the world’s fifth most traded currency, whilst the US Dollar The AUD/USD is the currency pair encompassing the Australian dollar of the Commonwealth of Australia (symbol $, code AUD), and the dollar of the United States of America (symbol $, code USD). The pair’s rate indicates how many US dollars are needed in order to purchase one Australian dollar. For example, when the AUD/USD is trading at 0.7500, it means 1 Australian dollar is equivalent to 0.75 US dollars. The Australian dollar (AUD) is the world’s fifth most traded currency, whilst the US Dollar Read this Term broke below the 100 hour MA for the first time since March 16, and the break sent the pair from 0.7491 to the session low at 0.7466.

That will was just above the swing lows from Thursday's trade at 0.74656. There are now 3 lows on the hourly chart at that level over the last 3 trading days. That is good enough to increase the levels importance in the short term.

The inability to move below that swing low level, sent the pair back to the upside. The price did extend back above its 100 hour moving average. However after trading above and below the moving average over four consecutive hourly bars, the price seems to be dipping back to the downside.

Hopes for a cease-fire in the Russian/Ukraine war is helping to push commodities down and with it the AUDUSD. Gold is now down over $38. Crude oil Crude Oil Crude oil is the most popular tradable instrument in the energy sector, offering exposure to global market conditions, geopolitical risk, and economics. The instrument is strategically relied upon and situated in the global economy. Crude oil has proven to be a unique option for traders given volatility and the efficacy of both swing trading and longer-term strategies. Despite its popularity, crude oil is a very complex investing instrument, given the litany of fluctuations in oil prices, risk, Crude oil is the most popular tradable instrument in the energy sector, offering exposure to global market conditions, geopolitical risk, and economics. The instrument is strategically relied upon and situated in the global economy. Crude oil has proven to be a unique option for traders given volatility and the efficacy of both swing trading and longer-term strategies. Despite its popularity, crude oil is a very complex investing instrument, given the litany of fluctuations in oil prices, risk, Read this Term is down over $10.75 now.

Having said that, the price is not running. What would be the targets on more downside?

On the downside, move below the 0.74656 level, and the sellers should have more confidence to start to attack the next targets including

• 0.74497 swing lows from Wednesday's trade last week and
• The rising 200 hour moving average at 0.74327.

The price has not traded below its 200 hour moving average since March 17.

Conversely, a move back above the 100 hour moving average at 0.74948 would not be what shorts looking for more downside would like to see again.