AUDUSD keeps the trend going to the downside but reaches key swing level target.What next?

The AUDUSD has continued its move to the downside in trading today. Weaker China data helped to push the price further to the downside. Technicals have also had levels broken with the 38.2% at 0.66407, the 50% at 0.65699. The 200 day MA was also broken today opening the downside to more probing.

The price, however, did find support buyers near a key swing level target at 0.65229. That level corresponded with swing lows from November and December 2023. There was also swing highs in early November (see red numbered circles on the chart below).

Holding that level has led to a modest bounce, but it will take a move above a swing area at 0.65417 and 0.65504 to increase the bullish bias.

This article was written by Greg Michalowski at Source