The AUDUSD is lower today and in the process tested the low extreme area between 0.6356 and 0.6364. Buyers leaned against the swing lows and pushed the price back up toward another swing area between 0.6379 and 0.6387. That area will now be close resistance for intraday traders.
This week sellers have kept control. The high price on Monday was near the 200-bar moving average of the 4-hour chart, and although the price is not racing to the downside, it is moving to the downside. If the sellers want to break outside of the 6-week trading range, look for the 0.6387 level to hold resistance, and sellers to push lower.
Getting below 0.6356 should open the door for further selling momentum.
This article was written by Greg Michalowski at www.forexlive.com. Source