AUDUSD sellers take the price below the 100/200 hour MAs increasing the bearish bias.

The AUD/USD has moved lower in today’s trading, breaking through and extending away from the 200-hour MA at 0.6223 and the 100-hour MA at 0.62306. This shift tilts the technical bias further in favor of the sellers, as the pair approaches key support levels near the lows from 2024 and the lowest levels since 2022.

The 2024 low stands at 0.61785, just 9 pips above the 2022 low of 0.6169. As long as the price remains below the 100- and 200-hour MAs, sellers maintain control. Key downside targets include the 0.61785 low and the critical 0.6169 level. Interim support exists between 0.61917 and 0.61999.

For buyers to regain control, a move above and sustained trading beyond the 100- and 200-hour MAs is required. Without that, the technical outlook remains firmly in the sellers’ favor.

This article was written by Greg Michalowski at www.forexlive.com.