The AUDUSD pair is continuing to slide lower as the AUD weakens and the USD strengthens. The market has broken down from its bearish rising wedge in April and retested the supporting trend line in June. From there sellers have pushed the price down to the current level. The 0.7000 level may be supportive if it is retested. Below this level the lows from early 2016 coming into focus at the 0.6877 area. Beyond that level 0.6603 may support price followed by lower levels at 0.6500 and 0.6340.
Resistance may firm up at 0.7200 with a break higher potentially targeting the 0.7512 area followed by the trend line at 0.7800. On the way to that level price may interact with the 50 MMA, which is currently at 0.7650 and falling. The previous highs around 0.8135 will be of interest to traders once price can clear 0.8000. Further advances would put price on a collision course with the upper trend line as it closes in on 0.8400. There is a significant area of resistance around the 0.8647 area that was used as support in 2014.
The EURCHF chart has been trying to move higher but has run into difficulty above 1.1420. Price is currently positioned at 1.1400. The Point of control for the chart is positioned at the higher low and the 50 period MA at 1.1366. A break higher may try to test 1.1407 followed by the 1.1420 area. Beyond these levels the high from Monday may provide resistance at 1.1430. If price keeps moving higher, then 1.1450 will be an area of interest followed by the previous high at 1.1454.
Support under the Point of control may come into focus at the 100 and 200 period moving averages at 1.1324 and 1.1320 respectively. A break down under these indicators may find close support at 1.1313. The 1.1300 level has only been lightly traded with a higher low at 1.1281 of more significance. A loss of this area may force buyer to reduce risk and interact with price at lower levels. Below the 1.1240 area buyers have been stepping into the market down to 1.1200 and 1.1180.