AUDUSD tests retracement/swing area

Technical Analysis

Author: Greg Michalowski | audusd

Sellers push AUDUSD to support target at 0.71436-0.71497

The AUDUSD moved lower in the Asian session today and in the process fell toward the 200 hour MA and then the 50% retracement of the move up from the October 7 low. Him him him him. 

Sellers push AUDUSD to support target at 0.71436-0.71497

After finding support near the level, the price rebounded back toward a swing area between 0.72019 to 0.72083. Holding below that level (the high reached 0.72023), kept the sellers in play and they pushed lower.
 
The last 10 or so hours, has seen the pair rotate lower and in the process has seen the price fall below:
  • The 100 hour MA at 0.7185, 
  • The 200 hour moving average at 0.71726
  • The 50% at 0.71674
The pair has now reached a new low at 0.7150 where the 61.8% of the move up from the October 7 low cuts across. It is also near the high of the swing area between 0.71436 to 0.71497 (see red numbered circles).

The next decision time is now.  

Buyers could lean with a stop below the 0.71436.  

Conversely, if the sellers from above, want more, they will need to push below that 0.71436 level. Falling below, will open the door more to the downside with lows from last week at 0.7122 (the low from Thursday) and 0.70924 (Wednesday's low) as the next targets.  

  
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