The AUDUSD sellers had their shot in early US trading below a swing area between 0.6453 to 0.6458. They missed.
The subsequent move to the upside then moved through the high from last week at 0.6784, but could not extend above the high from 2 weeks ago at 0.65228. Buyers turn to sellers.. The buyers had their shot. They missed.
The price has returned back to near unchanged on the day as we head into the new trading day. As a result, it’s a redo for tomorrow.
- On the downside move below 0.6453 – 0.6458 and sellers are more in control with the 100 and 200-hour moving averages near 0.6435 as the next downside target.
- Conversely, if the high price from yesterday and last week at 0.6487 is broken to the upside, look for additional momentum with targets at 0.6496, 0.65136, and 0.65228 (the high price from 2 weeks ago and today) as the next targets.
As for today, the buyers and sellers tried, but each failed.
This article was written by Greg Michalowski at www.forexlive.com. Source