AUDUSD tests June 3rd low as stocks continue to falter


New lows for S&P index.  

The S&P index has moved to a new session low at 3029.28. The pair is getting closer to its 200 day moving average around the 3013 level. The prices been above the 200 day moving average since May 27.

New lows for S&P index.  

The fall in stocks has continue to send the AUDUSD to a new session low. That low has come in at 0.6856 level which is the swing low going back to June 3. So far buyers are leaning against the level. 

A break below will open the door for further probing to the downside with the 38.2% retracement of the move up since the May 15 low at 0.68102 as the next key target. That level also corresponds with swing highs from June 2 before the price spiked higher on its way to the high price reached just yesterday.

Earlier today, the price found support near lows going back to June 4 (see previous post from earlier today). The price bounced back higher but could not extend back above its 200 hour moving average (green line in the chart above). The inability to extend above that level gave the sellers the confidence to push lower and the last few hours has seen the price move below those June 4 lows.

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