AUDUSD is down testing a key support target area. What defines that area?

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 is trading lower with the stronger dollar and in the process, the price is testing it at 200-day moving average of 0.67246. The last few days have seen early buyers against that moving average Moving average A moving average is a statistical tool that is used to smooth out short-term fluctuations in data and reveal longer-term trends. It is calculated by taking the average of a certain number of data points over a specific period of time, and then plotting that average as a line on a chart. The most common types of moving averages are simple moving averages (SMA) and exponential moving averages (EMA).In financial markets, moving averages are often used to analyze stock prices, exchange rates, and ot A moving average is a statistical tool that is used to smooth out short-term fluctuations in data and reveal longer-term trends. It is calculated by taking the average of a certain number of data points over a specific period of time, and then plotting that average as a line on a chart. The most common types of moving averages are simple moving averages (SMA) and exponential moving averages (EMA).In financial markets, moving averages are often used to analyze stock prices, exchange rates, and ot Read this Term level on each of the dips. A break below would have traders targeting the low from Monday's trade at 0.67143. Get below that level and the door opens for further selling potential with the 100-day moving average at 0.66918 as the next key target.

Conversely, if support can hold ahead of the 0.67143 level, we could see some corrective upside probing, but I would expect that a move back toward the 0.6750 – 0.67556 area would find willing sellers.

The US dollar is moving higher after stronger data today. GDP for the 2nd quarter came in higher at 2.4% versus 2.0%. The initial jobless claims and continuing claims showed continued job strength. US durable goods showed increased buying in big-ticket durable goods products.