Up and down session for the pair
The AUDUSD is trading near lows once again. The USD stocks are lower and that may be contributing to a risk off sentiment. Overnight, China PMI data disapointed which has helped to pressure the pair today.
Technically, the pair is tickling the 100 hour MA for the third time today at 0.7033. It also tested and held the MA once on Monday. A break below would be more bearish for the pair.
Overall, the pair trended lower from the April 17 high to a low last week at 0.69877. The correction higher stalled today just ahead of the 38.2% retracement at 0.70755. So the correction is of the “plain Jane” variety.
That keeps the sellers more in control. However, they still need to see the price get and stay below the 100 hour MA to weaken the corrective price action.
On a hold, the 38.2% at 0.70765 and the falling 200 hour MA at 0.7079 are targets would be targets that if busted would give the buyers more control.
Right not, the trading battle is focused on that 100 hour MA line.