The AUDUSD fell sharply in the Asian session as the currency responded to the Nikkei falling -12.4% along with declines in commodities which tends to weaken the AUD..
Since then, the price has rotated back higher and has now retraced nearly all of the declines. The run higher has also moved back above a swing area between 0.6442 and 0.6455 (that area is now close support) but found willing sellers against its 100 hour moving average of 0.65109 (that is now close resistance).
In this video I reviewed the price action and the aforementioned levels, explaining their importance from a technical perspective going forward.
Watch and learn.
This article was written by Greg Michalowski at www.forexlive.com.
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