AUDUSD tests the lows for the day

Technical Analysis

Author: Greg Michalowski | audusd

Swing area between 0.7219 and 0.72254

The AUDUSD is down retesting the low for the day and in the process a low swing area too between 0.7219 and 0.72254.

Swing area between 0.7219 and 0.72254
Looking at the daily chart, that area had a number of swing lows and highs on the daily chart (see green numbered circles). On Friday and again today, the lows reached near that area (the low today reached 0.72256). A move below would open the door to the lows for the year in September at 0.7168 and August at 0.71057. 

What if support holds here?

The 0.7277 to 0.72889 area is another swing area that held resistance today and on Friday and Thursday. (see red numbered circles).

Drilling to the hourly chart, of note is the high today stalled right near its falling 100 hour MA (blue line). The inability to extend above that moving average, gave the sellers to go ahead to push lower.

The AUDUSD on the hourly chart.

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