The AUDUSD has not escaped the run higher in the USD today. Looking at the daily chart below, the pair moved to the lowest level since May 2020 taking out the low from last week at 0.67614 and the 50% midpoint of the move up from the March 2020 low. That level comes in at 0.67638. Stay below those levels keeps the sellers more in control going forward.
Drilling to the hourly chart below, the pair has been trending down without much resistance today. After starting the day near its 200 hour moving average (green line in the chart below), the price stalled near its 100 hour moving average, but then fell below the MA level in the European session and raced to the downside.
There was the little in the way of support near the lows from July 1, July 5, July 6 and July near the 0.67608 level. That break today kick-started the next run to the downside in the early New York session. The low price has reached 0.67141. Risk for sellers is the 0.6708 level now. Stay below is more bearish.
