AUDUSD sellers pushed below trend line support but failed in what is an up and down day

In the video above, I take a look at the AUDUSD from a technical perspective.

This week, the price action has been up and down volatile. Today, the low was pressed with the price moving down to test a lower upward sloping trend line. That trend line was broken on 2 separate occasions. Each failed. The trend line cuts across near 0.6515. It would take a break below – and staying below – to increase the bearish bias today and going forward..

On the top side this week, the price has been able to extend above both its 100-day moving average at 0.6549. Each of the two times the price has been able to extend above that level, the buyers have failed and the price has rotated back to the downside.

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