AUDUSD sellers making the “best” play for control technically with work to do.

The AUDUSD can get a boost higher on risk on flows from higher stocks, and it can be sold on the back of higher rates (higher USD).

Today, we are seeing higher US stocks and higher rates which has helped to cause volatility in the AUDUSD pair today. Having said that, technically,the price has moved below the broken 38.2% retracement of the move down from the December high to the February low. That level comes in at 0.66059 and moving below it is disappointing for the buyers on the break above it last week (and also on Monday).

The price is also now below a swing area between 0.6612 and 0.66249. That ethical combination tilts the short-term nod to the sellers.

In this video, I outline the technicals in play and how they relate to the up-and-down price action in trading today

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