AUDUSD falls toward low from October and low for 2023

The AUDUSD is falling to a new session low, and in the process is looking toward the October low at 0.62849. That was also the lowest level going back to early November 2022 (nearly 1 year ago).

In trading yesterday, the price fell sharply on US dollar buying after the higher than expected CPI and a horrible 30-year bond auction.

Today, the price tried to rebound higher and get above a swing area between 0.63269 and 0.6331. The high price reached 0.63338 just a few pips above the high of that swing area, but failed and reestablish the swing area as resistance.

The more recent move higher in the US dollar (and move lower in the AUDUSD) took the price below the low from yesterday and the low from today near 0.6305. That level is now close risk. The swing area between 0.63269 and 0.6331 is another risk level for shorts/sellers in the pair.

Sellers are more in control. For a more detailed look at the pair technically, watch the video above.

This article was written by Greg Michalowski at Source