AUDUSD moves toward key 200 day MA support again. Buyers are leaning. | Forexlive

The AUDUSD has reached a new session low of 0.68104. That barely took out the early European session low of 0.68106. The low from last week reached 0.6811.

The hold up at the low is the 200 day moving average which currently comes in at 0.68038. Dip buyers are leaning against the key moving average level. I would expect that if broken, those buyers would return to sellers. The last time the price traded below the 200 day moving average was back on January 6.

On the top side, the 100 hour moving average comes in at 0.68697. The 200 hour moving average comes in at 0.69018. Of note is that the 200 hour moving average held resistance on Wednesday, Friday and again yesterday. Needless to say ultimately, it would take a move above the 200 hour moving average to give the buyers more control.

Taking a broader look at the daily chart below, a move below the 100 day moving average has the 38.2% retracement of the move up from the October 2022 low as the next key targeted 0.67798. On the top side watch the 0.6828 – 0.6855 area as a potential resistance swing area (see green number circles on the chart below).

The AUDUSD seems to be reacting to the negative turn in the equities. The major US indices are lower with the Dow Industrial Average down -0.15% and the S&P and NASDAQ index down near -0.25%.

Meanwhile, US yields are seeing some buying today as they react find a safe haven bid today. The 10 years is down -5.1 basis points. The 2 years down -4.2 basis points.