The sellers in the Asian session pushed the pair below a swing area between 0.6911 and 0.6919 and also the 38.2% retracement of the move up from the July 14 low at 0.69069. The sellers took the price down to a low of 0.6885, but the price rebounded back above the aforementioned levels, and tried to stay above the upper end of the swing area (above 0.69196).
However the recent run to the downside (dollar buying) has pushed the price back into that swing area with the price of the AUDUSD currently testing the 38.2% retracement as well.
Can the sellers win and push the price below the aforementioned levels and stay below?
A break lower will have traders looking toward the 0.6874 area followed by the 50% midpoint of the same move higher at 0.68638.
Key area for both the buyers and sellers.
