In simple words freefall is the downward movement of an object under the force of gravity only.
In Newtonian physics free fall is any motion of a body where gravity is the only force acting upon it. In the context of general relativity where gravitation is reduced to a space-time curvature, a body in free fall has no force acting on it.
An object in the technical sense of the term "free fall" may not necessarily be falling down in the usual sense of the term. An object moving upwards would not normally be considered to be falling, but if it is subject to the force of gravity only, it is said to be in free fall. The moon is thus in free fall.
Hope its clear.