Thursday , 14 November 2024
Home Forex AUDUSD falls to swing area low target ahead of the extreme low from last week. What next?
Forex

AUDUSD falls to swing area low target ahead of the extreme low from last week. What next?

The AUDUSD has moved lower to a swing area low at 0.65357. The high of the swing area comes in at 0.65537. It would take a move above that level and then the 61.8% at 0.6575, to give the buyers more confidence and cause the sellers to have some cause for pause.

ON the downside, a break of 0.6535 would target the low from last weekend 0.6511. That is near the last two session lows going back to early August. oh below that level and traders look toward 0.6463 to 0.6486.

The price action last week in the AUDUSD was up and down with big moves in either direction.Through the first two days of this week, volatility is less, but the bias is more to the downside. That bias would be even more bearish if the 0.6535 level can be broken along with the low price from last week at 0.6511.

————————————

AUD/USD Summary

The AUD/USD fell to a swing area low at 0.65357.

Key Points:

  1. Swing area: 0.65357 (low) – 0.65537 (high).

  2. Buyers need a break above 0.65537 and 0.6575 (61.8% level).

  3. Sellers target last weekend’s low: 0.6511.

Outlook:

Bullish Scenario

Move above 0.65537 and 0.6575 boosts buyer confidence.

Bearish Scenario

Break below 0.6535 and 0.6511 confirms bearish bias, targeting 0.6463-0.6486.

Levels to Watch:

  • Resistance: 0.65537, 0.6575

  • Support: 0.65357, 0.6511, 0.6463-0.6486

This article was written by Greg Michalowski at www.forexlive.com.

Leave a comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Related Articles

Barkin: Fed does watch carefully if 10-year yield driven by inflation expectations

Fed is trying to normalize its balance sheet, not use it to...

Colombia Retail Sales (YoY) below forecasts (3.8%) in September: Actual (1.5%)

Colombia Retail Sales (YoY) below forecasts (3.8%) in September: Actual (1.5%)

US Dollar softens after hitting a fresh year-to-date high in the USD Dollar Index

The US Dollar (USD) adds to more gains in the Trump trade rally,...

Crude Oil jumps with traders attempting a bounce for a third day

Crude Oil steadies and consolidates recent losses after the International Energy Agency...