The AUDUSD is lower on the day and in the process extended below the low from Friday. What the sellers could not do was to extend the fall below the 38.2% of the move up from the April 2024 low at 0.6579, and also a swing area between 0.6575 to 0.6585. The low price reached 0.6585 and has bounced modestly.
If the sellers are to take control today and going forward, the price needs to get and stay below 0.6575.
If that can not happen – and dip buyers are leaning against the area so far today – the price rebound could see traders looking toward a cluster of moving averages between 0.6625 and 0.6635.
This article was written by Greg Michalowski at www.forexlive.com.
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