The AUDUSD fell below the 200 bar MA on the 4-hour chart and the 50% retracement of the move up from the September low at 0.67813. That ignited more selling that has continued today with the price moving and staying below the 61.8% of the move up from the September low at 0.67436. That is also the low of a swing area up to 0.67606.
Close resistance is now at the 61.8% at 0.67436 and more conservatively for sellers looking for more downside up to 0.6760. If the price can stay below that area, more downside probing will be expected.
On the downside, there is a swing area target at 0.6696 and more importantly, the 100 day MA at 0.6688. A move below that MA would be a key shift more to the downside for the pair going forward.
This article was written by Greg Michalowski at www.forexlive.com.
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