Technical Analysis

AUDUSD retraces back toward old swing highs at lows today and bounces

AUDUSD trades between swing areas above and below as battle rages

The AUDUSD moved to the highest level since April 24 yesterday on the dollar selling but has moved back below the April 30 swing high at 0.7068 today, and retested the swing highs from July at 0.70436-469 area. The low today reached 0.70486. 

That area (at 0.7043-469) is a key barometer for the bulls and bears. Stay above is more bullish move below and the run higher looks suspect and we should see a further probe to the downside.  

It is not all open road to the topside. The 0.70684 remains a level to take back above. The high in the NY session could only get to 0.70644.  

So buyers came in against support and sellers are now coming in against resistance.  Traders are playing the range at the upper extremes (relatively) and are looking for the next push/break.
ForexLive

Articles You May Like

LIVE Forex Trading- NY Session 13th December 2019
Fed firmly on hold this week – ING
5 Tips to Become a Better Scalper 🔨
Dollar moves to new lows vs the AUD and NZD
Trump adviser Navarro says he has no indication the December tariffs will not be put on

Leave a Reply

Your email address will not be published. Required fields are marked *