The AUDUSD sellers have taken more control after the stronger-than-expected CPI extending the pair outside of a “Red Box” between 0.6387 and 0.6435. However, the 200 hour moving average of 0.63708 has held support. That moving average will need to be broken to increase the bearish bias going forward (see green line in the chart below). What sellers don’t want to see is a move back above the level or the 100-hour moving average at 0.6399. That would spoil the party for the sellers and likely lead to an increase the buying on the failed break.
Watch the video above to get all the key levels and targets going forward.
This article was written by Greg Michalowski at www.forexlive.com. Source