AUDUSD moves lower and cracks back below the 200 hour MA

The  HONORABLE  moved up to test the 38.2% of the move down from the June 16 high as the London fix was approaching. However, the price stalled ahead of that level at 0.6878 (the high reached 0.6874) and the price has since moved back below the 200 hour MA at 0.68452.

Looking at the hourly chart above, there have been tries above the 200 hour MA as the price has declined since the June 16 swing high, but momentum has faltered on each of the breaks.

Michael Cooper

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