AUDUSD back below the 200 day MA | Forexlive

The AUDUSD has moved below the 200 day MA at 0.6803. That moving average was broken to the upside, on January 6th (when the MA was at 0.6848), and moved up to a high of 0.7157 at the start of February.

The decline has reversed all the gains from the January 6th break and more. The low just reached 0.6794.

The next downside target comes in at the 38.2% of the move up from the October low. That comes in at 0.67798. If the price can get below those levels, it opens the door for further selling.

Of course, with both the 38.2% and the 200 day MA relatively close, it gives dip buyers a low risk trading opportunity as well. So it isn’t full steam ahead. There will be a battle, but the levels are defined, the sellers are making a play but they still have the 38.2% to get to and through.