Stall and falls to support
The AUDNZD moved above the 100 day MA on Friday Nov 20 and held that MA on Monday this week. The move higher took the price to the highest high since September 25th at the 1.1085 level in yesterday's trading.
Today a move below the 1.1043 level (see green circles in the chart below), has led to a further probe to the downside and test of the 100 hour moving average at the 1.1020 level (blue line chart below). Traders are defending that level on the 1st test.
If support holds, a move back above the 1.1043 will be eyed. If the level gives way (i.e. a break lower), there are a series of other support targets including:
- The lows from yesterday at 1.1014
- The 100 day moving average at 1.09987, and
- The 100 hour moving average at 1.08865
Each have to be broken - and remained broken - to keep the pressure on.
