The AUDUSD has traded to a new session low. In the process, the pair has moved toward the low from yesterday and also into a swing area between 0.73675 and 0.73799. That swing area goes back to March 4 (see red numbered circles). On Friday, the low of that area was broken briefly but quickly rebounded back to the upside.
A move below the swing area (and staying below) would have traders looking toward the rising 100 hour moving average at 0.73429. In Hold support again near the swing area, and the ups and downs continue for the pair with the upside target between 0.7424 and 0.7440.
This article was originally published by Forexlive.com. Read the original article here.