The AUDUSD has moved below its 100 and 200-hour moving averages at 0.6660. The current price trades just below the level of 0.66577. The low for the day reached 0.66532. Trading below those levels and staying below those levels would keep the bias more in favor of the sellers going forward. The low from yesterday after the RBA rate decision (no change in rates) reached 0.66409. That low stalled ahead of the 100-hour MA at the time.
At session highs yesterday and today, the price of the AUDUSD moved above the near converged 100/200 day MA near 0.6690. The momentum above those MAs could not be sustained and the price reversed back to the downside.
This article was written by Greg Michalowski at www.forexlive.com. Source