AUDUSD got within 14 pips of the 50% midpoint
The AUDUSD moved to the lowest level since July 15 yesterday, and in the process got close to the 50% midpoint of the move up from the March 2020 low. That level comes in at 0.6756. The low price yesterday reached 0.67706 (got within 14 pips). The price yesterday closed lower for the 3rd consecutive day. The price has been been down four of the 5 trading days (the price did move higher on Monday).
Looking at the hourly chart, the move to the upside today did find sellers against its 100 hour moving average (blue line) currently at 0.68504. Sellers leaned against the level and backed the price off. The current price trades at 0.6823.
Although higher, the inability to get above the 100 hour moving average is a concern.
On the topside, ahead of the 100 hour moving average watch the 0.6840 level. That was the swing low from both Monday and Wednesday. The corrective high after failing against the 100 hour moving average has been able to stay below that level keeping the sellers in the driver’s seat.
AUDUSD stays below its 100 hour moving average