AUDUSD buyers make a play with work to do to give buyers more control

The AUDUSD price moved lower in the Asian-Pacific session after lower-than-expected in Australia. However, momentum could not be sustained and the USD selling on the back of weaker ADP and GDP helped to push the price above the high from last week and the high from yesterday near 0.6487. That level will now be a close risk level for buyers looking for more upside.

On the top side, the 0.65136 level is a resistance level to get to and through. Above that sits the 38.2% retracement of the move down from the July 27 high at 0.65378. Getting above the 38.2% retracement is the minimum retracement that shows buyers are serious about a corrective move. Absent that, the price action is simply a correction in what is a more bearish trend (at least in the medium/short term).

So for traders today. Get above 0.6513 and then 0.65378 to increase the bullish bias. Conversely, a move back below the swing high from last week and yesterday at 0.6487 would disappoint buyers and should lead to further downside momentum.

This article was written by Greg Michalowski at Source