The AUDUSD traders are pushing against close support at a swing area between 0.67278 and 0.6738. So far the price has been able to hold support against the lower end of that extreme in up-and-down trading.
Recall from yesterday, the high for the day found willing sellers against a swing high going back to January 4 near 0.67604. That gave sellers something to lean against.
The challenge now is can the selling intensify below the close support swing area? If the 0.67278 can be broken, followed by another swing area between 0.6708-0.6713, that would give the sellers more confidence of a further probe to the downside..
This article was written by Greg Michalowski at www.forexlive.com. Source