The AUDUSD is rebounding today after bouncing of key support target near 0.6445.What next?

The AUDUSD fell sharply yesterday, and that selling continued in the Asian session today. However after reaching into a key swing area between 0.6445 and 0.6455, momentum slowed, the price bottomed and a rebound was started.

That move has now taken the price of 0.64913. Just ahead is a broken 61.8% retracement of the move-up from the October low to the December high. That level comes at 0.64991 (let’s call it 0.6500). Moving above that level would have traders looking toward a swing area near 0.6523 and the 100-day moving average of 0.65326.

Conversely, stay below the 61.8% retracement, and the bounce is a modest correction of the recent run lower. The sellers would remain in firm control.

This article was written by Greg Michalowski at Source