Technical levels define the up and down range
The AUDUSD has been chopping along in tradnig today and in the process fell toward the lows from Friday's trading in the 0.6705-09 area (each were swing lows on the day). The price moved to 0.6709 but could not fall below. The price moved above another swing area at 0.6716-183 and the price pushed higher to a topside trend line.
That trend line has stalled the rally. We now trade below it, but above the aforementioned downside support levels.
Technically, the up and down range is set. It is up to traders now (buyers or sellers) to give the next shove.
