The buyers can't keep the momentum higher going
The AUDUSD on Friday fell below the swing lows from 2019 in the 0.66714 to 0.66887 area. The low price extended to 0.66617. Today the price in the 1st hour of trading went down and tested that Friday low only to find buyers against the level. The price started to rotate back to the upside and in doing so extended back above the 0.66714-887 area.
Drilling to the hourly chart below, the run higher moved up to test the 38.2% retracement of the move down from last week's high at 0.67044, and a swing area defined by swing highs and swing lows going back to January 31 around the 0.67068 level (see red numbered circles). The high for the day reached right at that 0.67068 level and stalled. The price rotated back to the downside, and is currently trading right at the lowest low from 2019 at 0.66714. In doing so, the price is back below a swing area on the hourly at 0.66783-835.
The question for traders/shorts is "Can the price stay below the 0.66783 to 0.66835 now (maybe give it to 0.68887)? If it can, the sellers will remain in control and traders can work on the double bottom from Friday and today at 0.66617. If not, look for another run higher as traders start to think that the low is in for now.
Key area for both the buyers and sellers.
