AUDUSD is trading lower as risk-off sentiment drives the pair down, following a decline in U.S. stocks. On Friday, AUDUSD reached a new high of 0.6407, coming within six pips of the 38.2% retracement of the September 2024 downtrend, before reversing lower due to risk-off flows triggered by falling equities.
Today, the NASDAQ initially gained 120 points before sharply reversing lower, hitting a session low of -248 points before bouncing to -165 points in volatile trading. This stock market decline pressured AUDUSD lower, bringing the pair to test its rising 200-hour moving average at 0.6346. Buyers held support on the first test, keeping the level intact.
The 100-hour moving average at 0.6367 now acts as topside resistance. Market participants remain focused on stock market movements, with AUDUSD likely to react accordingly.
Technical Levels:
- Support: 0.6346 (200-hour moving average)
- Resistance: 0.6367 (100-hour moving average)
Traders will continue monitoring equity markets for directional cues.