AUDUSD trades to the lowest level since November 4, 2020

The AUDUSD moved to the lowest level since November 4, 2020 and in the process, approached the 38.2% of the move up from the March 2020 low (not shown). That retracement comes in at 0.70525. The low price reached 0.7062 and moved higher.

AUDUSD trades to the lowest level since November 4, 2020

The move higher has been helped by a slowing of the US stock decline post the Fed Chair testimony. The low for the Dow reached -679 points. The index is currently down -479 points. The Nasdaq index fell -331.50 points but is now down -194.50 points.

The price rise has taken the price back above the swing low from August (old low for the year) at 0.71057. That low saw buyers against it on Friday (low reached 0.7106). If the price can stay above that level, the next target would be near the the high for the day and the swing low from September at 0.71684.

AUDUSD on the 4-hour chart