The AUDUSD has traded to a new low and in the process has moved to the high of a neutral area with the:
- 200-hour moving average of 0.6373 at the low (green line in the chart above), and the
- 100-hour moving average of 0.63904 at the high (blue line in the chart above).
In between those levels is a swing area between 0.6379 and 0.6387 (see red numbered circles on the chart above)
The low-price rate of 0.63874 and has seen a modest bounce back toward the is 0.6400 level.
Buyers looking for a dip, this is the area to buy against. Sellers? You want to see the levels outlined above to start being whittled away.
This article was written by Greg Michalowski at www.forexlive.com. Source