100 and 200 hour MAs come in at 0.7272-75

The AUDUSD cracked below the upward sloping trend line on the hourly chart below at 0.7199, and continuation selling sent the pair down toward the 100 and 200 hour MA near converged at 0.71726 and 0.71756. The low price reached 0.7171 and the price bounced marginally.   

The trend line and 0.7200 is now resistance for seller looking for more selling.  On a move lower, breaking the 50% retracement of the move up from the October 7 low will increase the bearish bias.    

Yesterday, the AUD was the weakest of the major currencies despite the runaway gain in stocks. That was something a bit unusual given the recent reactions. 

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