Moves away from daily MAs
The AUDUSD has moved sharply lower in trading today, but there was a limit to the move and we saw support hold.
Looking at the daily chart, the high for today’s trading was bumping against the 200 day MA at 0.75528 level. The price moved lower – through the 100 day MA in the process. The price has visited below the 100 day MA (blue line in the chart above) including yesterday. However, the breaks have been limited. In reality, this month, the price has been waffling above and below the 100 and 200 day MAs (see red box) as traders ponder the directional bias. The market is simply unsure.
Forex technical analysis: AUDUSD moves sharply lower, but holds 50% midpoint
