The AUDUSD fell below the 100 and 200 hour MAs today (at 0.7 and 0.758 respectively), and more recently below the 0.7528 area which has been a dividing line forex technical analysis eurusd trades at session lows what bulls and bears on the hourly chart. The EURUSD extended the range as well. The pair has been able to stay below the 200 hour MA for most of the London trading session (no closes above). The 1.1143 remains the next downside target. The price sits between the next downside target and topside resistance.
The NZDUSD fell below the 200 hour MA and the 50% in trading today. The fall below helped to tip the buyers into sellers after holding support against the area yesterday. Technically, the price moved below the 100 bar MA on the 4-hour chart. Looking at the chart above, that MA was broken last week (after trying to stay below). Earlier in the day - before the huge move higher - the price move down and tested that area before moving higher.
Now was are below and are starting to test swing levels between 1.0935-55 (see yellow area in the chart above). That area should give traders some cause for pause. Keep an eye out for some profit taking in this area. Having said that the 100 bar MA on the 4-hour chart at 1.0983 is not resistance. Anything can happen. The EURUSD is trading at the NY session low of 1.08252.
The London session low was 1.08248. The Asian Pacific low reached 1.08198. The range today remains at 50 pips which is the equal to the most narrow trading day of the year from May 25th. That was Memorial Day in the US - a day when stock markets are closed. Prior to that, you need to go back to September. Can we blame the golf for the lethargic. Perhaps for some distraction. But with no Greece. Fed intentions known.
ECB intentions known. And the date toward the end of July with a month and a few weeks left of summer, the market may start to feel a bit rudderless.