The AUDUSD traded to a new low since the beginning of June yesterday but bounced higher. Technically, the move to the downside broke back below the 61.8% retracement of the move up from the 2022 low at 0.65468. The price had been below that technical level for 3 days last week, but failed on that break.
This week, sellers are getting a 2nd shot below the retracement level. If they could keep a lid on the pair, we could see further selling momentum in trading today with the low price from the year at 0.64568 the next major target.
This article was written by Greg Michalowski at www.forexlive.com. Source