Trades to lowest level since November 2020
The AUDUSD has moved below the July low at 0.72889 and is seeing momentum selling on the break. The pair is currently trading at 0.72578. That is just off the low for the day at 0.7253.
The low today tested a swing low going back to November 19 at 0.72539. A move below that level would next target the November 13, 2020 low at 0.7221.
Traders will now use the July low at 0.72889 as a risk defining level on the daily chart. Stay below is more bearish.
Drilling to the hourly chart, the fall below the 0.72889 to 0.7299 area was a bearish play on that chart. Patient traders looking for more downside may look to stay below that area up to 0.7299 (call it 0.7300) now.