Technical Analysis

AUDUSD cracks below the 100 day MA for first time in 5 months

Can the price stay below?

The AUDUSD cracked below the 100 day MA at 0.70914. That was the first break below the MA since May 18.  In September (at a lower level), the MA was tested but found buyers against the level. 

The low today moved to 0.7056. That did break below the swing high from June and the swing low from July at 0.7063.  Back in the end of September, the price cracked below those levels only to rebound back above 2 days later after testing that 100 day moving average line. 

The current price is at 0.7078 – between the 0.7063 level and the 0.7091 MA level.  I have to give the nod to the sellers below the 100 day MA but the price needs to find sellers against that MA and stay below. A move above, muddies him himthe water for the sellers.    

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