The AUDUSD has not escaped the dollar buying today. The greenback has reached a new cycle high vs the AUD, trading to the lowest level for the AUDUSD since early June 2020 in the process.
The low price today has reached 0.66809. Looking at the daily chart, the price entered a swing area going back to early 2020 and into May 2020 between 0.6656 and 0.6684 (see red numbered circles in the daily chart above and yellow area). The move to the downside has taken the price below the 50% of the move up from the 2020 low at 0.67638. That is now a close risk level for sellers. Stay below is more bearish. The current prices trading at 0.6713.
Drilling to the hourly chart below, the price has rebounded back above the swing lows from Monday and Tuesday near 0.67102. The low price from yesterday reached 0.67249.
Move above those levels would then have traders targeting the 0.6763 level from the daily chart. That also was swing lows from the end of June to July 6. The falling 100 hour moving average at 0.67677 is also an upside target followed by the 200 hour moving average at 0.67948. Recall from yesterday, the high price on 2 separate occasions a stalled against the 200 hour moving average. That increases the levels importance going forward. It would take a move above that level to give the buyers more control at least in the short-term.
Overall, there is a rebound in the AUDUSD but there is also a lot of work to do in order to give the buyers even the smallest of "wins". Until then, the sellers are in firm control.
