The AUDUSD fell after the better-than-expected US jobs report. The price moved below a swing area between 0.6778 and 0.6796 (see red numbered circles in the chart above). That area will now be eyed as resistance (places for sellers looking for more downside to lean against).
The AUDUSD’s fall extended to the rising 100 hour moving average and 38.2% retracement of the move up from last week’s low. Those levels came in at 0.6744. The low price reached 0.6742 before bouncing modestly. The current price is trading between the low of the swing area above at 0.6778 and the 100 hour moving average/30.2% retracement 0.6744. The current price is at 0.6758.
Should the 100 hour moving average be broken, the 200 hour moving average comes in at 0.6727 (see green numbered circles in the chart above). Move below that level in the 50% of the move up from the November 21 low comes in at 0.67136. The 100 day moving average is down at 0.66866.
Taking a broader look at the daily chart of the AUDUSD, the pair moved up to a swing area between 0.6826 and 0.68597 yesterday. Getting above that level would be needed to increase the bullish bias and have traders looking toward the 200 day moving average of 50% retracement of the 2022 trading range near 0.6915.
The low price today has found some support buyers on the daily chart against its broken 38.2% retracement of the same 2022 trading range. That level comes in at 0.67391 (versus a low of 0.6742 so far). With the 100 hour moving average at 0.6744 and the 200 hour moving average at 0.6727. That area is shaping up as a key support target for the AUDUSD. Getting below that cluster of technical levels increase the bearish bias.