AUDUSD corrects higher today and retests a broken swing area

The AUDUSD is trading up and down today. The price has moved up more recently extended to a new session high. In the process, the pair is tested the low of a swing area between 0.65586 and 0.65667 on the 4-hour chart below. A move of the swing area would have traders targeting 0.65785 followed by another swing area broken earlier this week between 0.6595 and 0.6603.

Key test in the short term for the AUDUSD. The buyers have corrected the pair to the closest resistance to target. If resistance holds, a rotation back down and ultimately to the low from the end of May at 0.64576 is still in play.

Conversely move above the swing area and 0.6566 and traders will look toward the 0.6600 area.

This article was written by Greg Michalowski at Source