The AUDUSD has moved to a new low going back to March 5, and in the process has broken below its 61.8% retracement of the move up from the October 2023 low. That level comes in at a natural target at 0.64995 (call it 0.6500). The level now represents a short-term bias/risk-defining level for sellers looking for more downside momentum.
On the downside, the X target comes against the March 5 low at 0.64769. From there traders will start to pick away at the other swing lows from 2024 including the February 5 low at 0.64687, and the February 14 low at 0.64417 (the low price for the year).
On a move back above the 0.6500 level there is the high of a swing area at 0.65108, which if broken on the top side would give the buyers more confidence. Above that, traders would look back toward the converged 200-day moving average and 200-bar moving average on the 4-hour chart. Both of those levels, come in at 0.6547
This article was written by Greg Michalowski at www.forexlive.com. Source