The AUDUSD fell lower in the early Asian session, and in the process tested support targets near the 61.8% retracement of the move up from the July 6 low at 0.67117, and the 200-day moving average of 0.67175. The low price reached 0.6714 between those levels, and bounced higher.
The price action has been up and down since then with resistance up near at 0.67546. That level represents the high of a swing area between 0.6737 and 0.67546. The 50% midpoint of the move up from the July 6 low comes in at 0.67466.
The buyers and sellers are battling back and forth today, but the technical levels are doing a good job of defining intraday support and resistance so far. Traders are waiting for the next break outside of the intraday range.
This article was written by Greg Michalowski at www.forexlive.com. Source