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AUDUSD slides after failing to hold key moving averages
The pair fell to a swing support area around 0.7020 to 0.7027, with the current trade near 0.70395.
Forexlive said AUDUSD was one of the biggest movers versus the US dollar, after trading mostly below its 100-hour moving average during the prior session and failing to regain it early in Asia-Pacific trade near 0.7116.
The outlet noted sellers gained momentum after AUDUSD slipped through key technical levels, including the 50% retracement at 0.70795 and then below both the midpoint and the 100-day moving average around 0.70737, removing support areas that buyers had relied on.
Following those breaks, the currency pair extended its decline into a swing area between 0.7020 and 0.7027, with the session low touching about 0.7026. It also came close, within roughly 8 pips, to its rising 200-day moving average near 0.70177.
Forexlive added that the near-term focus is the 0.7018 to 0.7027 support zone, while a recovery attempt would first need a move back above the broken 61.8% retracement at 0.70422 and, more importantly, a return toward the broken 100-day moving average near 0.70737.