The AUDUSD is trading to a new session low and in the process is moving below the downward-sloping trendline on the daily chart near 0.6297. The next target on the downside comes in at 0.62717. That level is the low going back to November 3, 2022.
Drilling down to the hourly chart , the AUDUSD price has been down for 3 consecutive days (see chart below). The move to the downside today fell below the low price from last week at 0.6331 after the RBA announced they were keeping rates unchanged at 4.10%.
The subsequent corrective move off of that initial move lower came back up to that 0.6331 level and found willing sellers (see red numbered circle 2). Sellers against that level kept the bears in control. It would now take a move above that level to give the buyers some hope. Absent that, and the sellers are in more control.
So resistance is at 0.6331. The next target on the downside comes in at 0.62717. Sellers are more in control and move down toward the September 2022 low at 0.6169 cannot be ruled out down the road.
This article was written by Greg Michalowski at www.forexlive.com. Source