AUDUSD touching the lows
AUDUSD has moved to new lows in the last hour touching 0.7259.
The weaker than expected US Employment Cost index on Friday put an end to that break. In fact the price moved above the 200 hour MA for the first time since July 22. That did not last long.
Today, the price action has been up and down choppy, but down overall Economic releases later in Australia along with an interest rate decision by the RBA. will add volatility and risk.
On the downside, with the low from Friday at 0.7233 being the lowest level since 2009, a break below it should open the door for further down momentum. 0.7000, the next logical target for the pair.
On the upside we need to see a move above the 200 hour moving average (and staying above). If done the 0.73408 and 0.7366 levels become the next upside targets.
