The AUDUSD is breaking below the 2022 and 2024 lows. On the last day of the trading year, the price moved to a low of 0.61785. That was just above October 2022 low and 0.6170. Yesterday, the price moved to 0.6171 but once again found support buyers.
Breaking below those level opens the door for further selling momentum. The price is trading at the lowest level since April 2020 when the price tumbled down to 0.55048.
In the short term, stay below the 0.6178 low from December 31 and the sellers remain in firm control. Traders will let the profits run to the downside as long as the price remains below those levels. A more conservative risk level would be at the 0.6200 area.
This article was written by Greg Michalowski at www.forexlive.com. Source