AUDUSD trades between swing areas above and below as battle rages
The AUDUSD moved to the highest level since April 24 yesterday on the dollar selling but has moved back below the April 30 swing high at 0.7068 today, and retested the swing highs from July at 0.70436-469 area. The low today reached 0.70486.
That area (at 0.7043-469) is a key barometer for the bulls and bears. Stay above is more bullish move below and the run higher looks suspect and we should see a further probe to the downside.
It is not all open road to the topside. The 0.70684 remains a level to take back above. The high in the NY session could only get to 0.70644.
So buyers came in against support and sellers are now coming in against resistance. Traders are playing the range at the upper extremes (relatively) and are looking for the next push/break.