The AUDUSD is tumbling lower with risk off flows the catalyst as stocks extend to new session lows.
Technically, the price wandered higher after the RBA rate hike and expectations for further hikes ahead. However after, testing the 200 hour moving average and 38.2% retracement near 0.67488 (the high price reached 0.6743), the price rotated back toward the 50% of the move up from the November 21 low at 0.67175.
In the current hourly bar, as stocks started to take on additional downside momentum, risk-off selling pushed the price below the 50% level and back down toward the low from yesterday. Recall, that low stalled right near the 100 day moving average (blue overlay line on the chart above currently at 0.6685). The 61.8% retracement of the same move higher from the November 21 low is near that level as well at 0.6686.
The buyers have leaned against level on the first tests. The current price trades backup at 0.6698 in active trading.
In the US stock market:
- Dow industrial average is down -151 points or -0.45%
- S&P is down -38 points or -0.94%
- NASDAQ index is down -158 points or -1.4%
