AUDUSD can’t pick itself up off the lows. New lows for the year for the pair.

In an earlier video on the AUDUSD, I talked to the possibility of a bounce in the AUDUSD. The pair is oversold. The RSI was diverging on the hourly chart the price needed to get back above the end-of-May low near 0.64587. Looking at the hourly chart, the price could not get back above that 0.64587 level. The price has been drifting lower since.

See the earlier video from today below outlining the trade:

The price just made a new session low at 0.6415. That took out the earlier low and 0.64272. Sellers remain in firm control.

Taking a broader look at the daily chart, there isn’t a lot of support until you get to the swing low from November 10 at 0.6385. Below that is a swing area between 0.6348 – 0.6363.

Close risk is now 0.64587.

This article was written by Greg Michalowski at Source