The AUDUSD is trading near session highs and in the process is pushing up to test the downward sloping trend line on the daily chart that currently cuts across near 0.6966. The high price has reached 0.69644 so far today
. Also in the area is a swing area between 0.6966 and 0.69935 and between those extremes sits the 50% midpoint of the move down from the June high to the July low at comes in at 0.69816.
So on the daily chart there are a number of resistance levels up to the 0.6993 level that will help define the next move for this currency pair. If the price can move above, the door opens for a further move to the upside. Conversely if sellers leaned against the cluster of resistance, the bias would keep the sellers more in control.
So the key area is starting to be tested. Will the buyers able to take take the next step and push higher?
