0.7566-707 key support area
The AUDUSD is moving lower in reaction to the dollars strength today (and lower commodity prices - thanks Bud), and in the process is approaching key support defined by the 200 hour MA at 0.75707 and the low extreme of the "red box" that has defined the range since June 14th. There are two tests of the low extreme and three tests of the higher extreme. The low of the "red box" dovetails the high extreme from an earlier "blue box" (see chart below).
Look for buyers against key support area (risk is defined and limited and the 0.7566 is a key level), but expect stops on a break below. If the support holds, getting back above the 0.7584 lows from yesterday and today will be eyed...
