AUDUSD works on the next lap. This one to the downside

Technical Analysis

Author: Greg Michalowski | audusd

The pair looks toward the low for the day at 0.7010

The AUDUSD moved higher in the Asian session then quickly reversed and took out the low for the day (down to 0.7010).  Him

The pair looks toward the low for the day at 0.7010
The subsequent rise took at the earlier high for the day at 0.70548 on it's way to a new high at 0.7071.  

Now the pair has moved back down to a low at  0.7015 - just above the 0.7010.  A move to that level would complete the lap back to the downside.  

We are heading to the London fixing at the top of the hour.  Perhaps that is in play today, but stocks are also on shaky ground  which traditionally weakens the pair (on growth concerns).

Looking at the daily chart, the pair has been within a range above the 0.7005 level since July 21, a move below that level would certainly open up the door for downside probing.

AUDUSD on the daily
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