Technical Analysis: AUDUSD keeps pullback from 100-day EMA on RBA-led bearish move
Although RBA couldn't please bears much, despite offering a 0.15% rate cut and A$100 billion QE, AUDUSD marks fourth U-turn from 100-day EMA. While global markets are closing watching over the US election polls for immediate direction, 61.8% Fibonacci retracement level of 0.7018 and the 0.7000 round-figure lures the sellers. Though, any further downside will need a clear break of Monday's low, near 0.6990, to revisit the late-June tops surrounding 0.6975.
Meanwhile, a daily closing beyond the 100-day EMA level of 0.7065 can aim for the 50% Fibonacci retracement level close to 0.7095 before attacking the 0.7100 threshold. However, 50-day EMA and a falling trend line from September 16, respectively close to 0.7125 and 0.7135, will be tough nuts to crack for the AUDUSD bulls afterward. If at all market sentiment cheers the US voting favor for the Democrats, the previous month's high near 0.7240/45 should become the buyers' favorite.