AUDUSD falls again to the 100 hour MA
The AUDUSD moved to the best degree since February 24, 2023 after the US CPI knowledge earlier right now. The excessive worth prolonged to 0.68176. That took the value above the excessive worth from Monday’s commerce at 0.6803, and in addition above the excessive worth going again to April 14 at 0.68048.
Nevertheless the break couldn’t be maintained, and the value rotated again to the draw back retracing all/many of the CPI features.
The low corrective worth reached 0.67535. On the low, the value examined its 100 hour shifting common (blue line within the chart above). A modest bounce has taken the value to 0.6767. The swing excessive going again to April 20 reached 0.6771. A excessive worth from the late Asian session right now reached 0.67735. Getting above each these degree, would give the dip patrons in opposition to the 100 hour shifting some consolation/hope {that a} potential run again towards the 100 day shifting common of 0.67899 is feasible.
Conversely, keep beneath these ranges, adopted by a break again beneath the 100 hour shifting common would enhance the sellers bias (it’s wanted if the sellers are to take again some management).
Transfer beneath the 100 hour shifting common and merchants will subsequent goal the 200 day shifting common of 0.67266. Shifting again beneath that degree would additionally enhance the bearish bias technically. The 38.2% of the transfer up from the April 28 low can be close to the 200 day MA degree (at 0.6724).
For now, the failure to new highs is disappointing and has led to declines in consequence, however there may be work to do, to extend the bearish bias for the sellers. The patrons in the meantime, are burdened with getting again above the 100 day MA and the April/Could double prime. These are tough hurdles too.