The AUDUSD moved sharply lower in trading today help by a weaker employment report from Australia and the breaking of some key technical levels as well.

More specifically, the AUDUSD has moved back below the 100-day moving average with strong momentum, signaling renewed downside pressure. The pair is also trading below the 100 and barmoving averages on the 4-hour chart, reinforcing a bearish bias as long as price remains below these levels.. The 200 bar moving average is broken at 0.63028. The 100 bar moving average is broken at 0.62969.

Currently, the pair is testing the high of a swing area between 0.6254 and 0.6269. That area, may act as near-term support. The decline today is the biggest move on a percentage basis since December 18. With support been tested, that may give dip buyers a reason to stick a toe in the water. If buyers stepping, there should be resistance against the 100 and 200 bar moving averages on the 4-hour chart (near 0.6300).

Conversely, a break below this zone could lead to further downside extension as the trend lower continues.