AUDUSD sellers remain in firm control. What is needed to give the buyers a victory?

The AUDUSD on Friday fell below a swing low going back to October 2022 at 0.61695 (red number 2 on the chart below). That took the price to the lowest level going back to April 2020 (see chart below).

In trading today, the price has been waffling up and down with a new low reached at 0.61309. The high price today extended up to 0.61589. That was safely below the 0.61695 level.

If the buyers are to have a victory from a technical perspective, getting above that level is the first minimum requirements. Absent that, in the sellers are winning. The buyers are not.

In the video above, I take a look at the AUDUSD from a technical perspective and discuss further what needs to be done to shift the bias even marginally to the upside.

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