The AUDUSD - like the NZDUSD - fell sharply from last week's high. The move lower started to gain momentum after:
- Breaking to a new high going back to February failed
- Breaking above the 100-day MA failed (there were multiple fails
- Momentum below the 100-hour MA increased (on Thursday last week).
The momentum continued on Thursday on the break of the 200-day and 200-hour MAs.
On Friday, more selling took the price away from the 50% midpoint of the move up from the April 28 low at 0.6695 and the 61.8% retracement of the same moving at 0.6666. The low price late Friday reached 0.6635 before settling at 0.6639 into the weekend. Today, the low price could only reach 0.6641 - above the Fridabefore starting to rebound back to the upside.
The price has now reached the 50% retracement level of 0.66953. The price is now extended to a intraday high of 0.6698. The high price from Friday at 0.6706 is the next key target followed by the 100-hour moving average of 0.67196 and the 200-hour moving average of 0.67242. Those moving averages if tested, would be a key area for both buyers and sellers.
