The AUDUSD is trading within a up and down range over the last few trading days. The low stalled near the 50% midpoint of the move down from the September 29 high at 0.63927. The high resistance is now tied at 0.6435. The buyers tried to take the price above that high resistance level in the Asian session today, but failed and traders reestablished the level as a resistance before moving lower.
With the price trading in the middle of the range near 0.6418, buyers and sellers continue to battle it out. Patient traders unsure of the direction will wait for a break with momentum (in either direction).
Bulls in the pair will look toward the 0.6392 area as support to lean against on a dip.
Bears in the pair will now look to lean in the swing area between 0.6425 and 0.6435 (with stops above).
This article was written by Greg Michalowski at www.forexlive.com. Source