October 30, 2024 at 03:25PM
The AUDUSD reached a new low earlier today at 0.6536, but has since bounced higher.
The run higher has extended back above the broken 61.8% of the move up from the July low at 0.6570, and after trading above and below that level in the European session and into the US session, the price extended higher. The extension found willing sellers against the falling 100-hour MA at 0.6594. The price is back down retesting the broken 61.8% retracement level at 0.6570.
The holding below the 100-hour MA increases that level’s importance going forward. It would now take a move above that level – and staying above that level – to give the buyers more control. Absent that, and the buyers are not winning. The sellers are winning.
On the downside move below 0.6475 and stay below that level, targets the swing low going back to August 15 at 0.6562, and below that the low price reached earlier today at 0.6536 (honestly is a random low). There is better support down near 0.6471 to 0.6486.
This article was written by Greg Michalowski at www.forexlive.com.
