October 28, 2024 at 05:00PM
The AUDUSD closed below its 200-day moving average on Friday at 0.6628. In trading today, the price remains below that 200-day moving average. Stay below that level, keeps the sellers more in control.
In the Asian session today, the price initially moved lower reaching 0.65789. That took the price within four pips of the 61.8% retracement of the move up from the August low at 0.6575. Buyers leaned on the first look and pushed the price back up to before rotating back to the downside. The price is currently trading at 0.6584 with its sights on the 61.8% retracement at 0.6575.
A break below the 61.8% retracement would target the August 15 low at 0.6562. Move below that level and there isn’t a lot of support until 0.6507, and then a swing area between 0.6475 and 0.64864.
Sellers are in control below the 200-day moving average at 0.6628. The support target comes in at 0.6575
This article was written by Greg Michalowski at www.forexlive.com.
