The AUDUSD is losing ground to the downside and has now broken back below its 50% midpoint of the move up from the March 2020 pandemic shut-down low. That level comes in at 0.6756. The current prices trading at 0.6740. The low price reached 0.6737. Sellers are looking to take more control below the 50% level.
Back on July 11 through July 15, the price traded above and below the 50% level on its way to the 2022 low price at 0.66809. The price at the time also moved below a lower trendline, but momentum could not be sustained after falling toward an old swing area between 0.6660 up to 0.66809. That swing area is joined by an old trend line which cuts across just above that level currently and moving lower..
Drilling to the hourly chart, the low from last Thursday and yesterday stalled at 0.6771 area. It would now take a move back above that level to give the buyers some hope. The falling 100 hour moving average at 0.6805 would be a another target that would need to be broken. Earlier today, it was broken in the Asian session but momentum could not be sustained and after moving back below buyers turned to sellers against the level.
Stocks in the US are selling off with the NASDAQ index down -137 points at -1.18%. The Dow is down -210 points or -0.66% and the S&P is down -28 points or -0.73%. That is leading to more risk off flows including selling in the AUDUSD.
