AUDUSD retraces earlier declines on the day. Trades higher on the day.

Technical Analysis

Author: Greg Michalowski | audusd

Price of AUDUSD moved above swing area between 0.7333 and 0.73383

The AUDUSD traded to the lowest level since November 24, 2020 in trading today, and in the process continued the trend of lower lows. The pair has traded to new lows for five consecutive days.  The pair had closed lower for 4 consecutive days coming into today. 

Price of AUDUSD moved above swing area between 0.7333 and 0.73383_
However, the price has now moved into positive territory on a reversal of the earlier declines.   Yesterday the price closed at 0.73286. The current price is trading at 0.73418.  

The move to the upside, has taken the price above a swing area between 0.73339 and 0.73383. That area will now be close support.  Other intraday support would be eyed at the close from yesterday at 0.73286

Stay above those levels, and traders will start to look toward the high from yesterday at 0.7356, and the falling 100 hour MA at 0.7365. The 38.2% retracement of the move down from the July 14 high also comes in near the 100 hour MA at 0.7364.  

Buyers are making a play.  Can they keep the momentum going?.  Watch 0.73286  to 0.7333 for intraday clues.  Stay above and the buyers can continue the corrective push to the upside with the 100 hour moving average as the next key target

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