Price is also below a swing area and the 61.8% retracement
The AUDUSD moved lower in the Asian session and in the early London session that fall took the price below its 200 hour moving average (green line) at 0.68554 currently. The price also moved below a swing area in need 0.6852 to 0.68616 area. That area is also home to the 61.8% retracement of the move up from last week’s low to last week’s high. That level comes in at 0.68525
The price has been able to stay below that area for the entire New York trading session. Going into the new trading day, it will remain as resistance and a risk defining level for shorts/sellers. Stay below and the sellers remain in control.
On the downside, getting through the low for the day at 0.68377 would have traders looking toward the key 100 day moving average at 0.68036. Last week the price took a quick look below that 100 day moving average only to reverse and move back higher. On Wednesday, the price based against that 100 day moving average and trended to the upside for 2 consecutive days. I would expect decent buyers against that moving average on a test.
For now, however, the swing area and the 200 hour moving average remain the risk level for shorts. Stay below and the sellers remain in control. Move above and we should see some sellers turned back to buyers.