The AUDUSD is moving lower after testing a key resistance area between 0.67429 and 0.6760. Sellers leaned against the high of that swing area and pushed prices back to the downside.
On the downside, earlier this week the price found support buyers against the 38.2% retracement of the move up from the August low at 0.67146. In the last 4-hour bar, the price has now broken below that 38.2% retracement level. Sellers are making a play.
On the downside, there is a swing level near 0.66965 the key next target comes against its 100-day moving average at 0.6689. Breaking below that level – and staying below that level – would increase the bearish bias and have traders targeting the 50% midpoint of the same move up from the August low at 0.66447.
This article was written by Greg Michalowski at www.forexlive.com. Source