The 100-hour SMA dips below the 200 SMA, leaving a key AUD/USD spot level on the upside.
More [Pair] traders could be joining the bearish bandwagon upon this signal, while others might chose a less vulnerable commitment by expecting the price to rise minimally to the 200 SMA and only then targetting for lower levels. A close above this all-important SMA would negate its bearish implications.
(Market News Provided by FXstreet)