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<p style="" class="text-align-justify">At first, it was a case of <a href="https://www.forexlive.com/news/the-fed-against-the-world-20221215/" target="_blank" rel="follow">markets not believing the Fed</a>. But to be fair, equities did heed the warning with Wall Street finishing lower yesterday despite a modest recovery to be in the black at one point. And as we see a continued drop in stocks today in Europe, it is taking other major currencies along with it as the dollar runs higher.</p><p style="" class="text-align-justify">AUD/USD is the biggest loser on the day now as we see equities falter, down over 1% to 0.6780-90 levels currently:</p><p style="" class="text-align-justify">The pair came close to running into a test of its 200-day moving average (blue line) this week, following the softer US CPI data but it has pretty much unwound all of that move in a drop back below its 100-hour moving average at 0.6805 as well.</p><p style="" class="text-align-justify">In the bigger picture, price action is very much caught in the ping pong range in between its 100 (red line) and 200-day moving averages. The next key directional break in the pair will come from a break on either side of that range.</p><p style="" class="text-align-justify">For now, sellers are regaining back some appetite and if we do see a further push below the 200-hour moving average at 0.6770 this week, expect there to be appetite to take a run at the 100-day moving average next.</p>

                This article was written by Justin Low at www.forexlive.com.