The AUDUSD traded to a new low for the year, falling below the end of May low at 0.64587. However momentum quickly faded and the price started to rotate back to the upside.
That begs the question, “What do the buyers have to do to take back more control?”.
In this video, I talk about the hurdles that buyers would need to get back above, to take more control from a technical perspective. Levels that would need to be broken include the:
- Swing low from August 8 at 0.64957,
- Low price from August 3 at 0.65136.
- Above that is the falling 100-hour moving average of 0.6522, and the
- Falling 200-hour moving average of 0.65394.
This article was written by Greg Michalowski at www.forexlive.com. Source