The AUDUSD fell sharply yesterday, and that selling continued in the Asian session today. However after reaching into a key swing area between 0.6445 and 0.6455, momentum slowed, the price bottomed and a rebound was started.
That move has now taken the price of 0.64913. Just ahead is a broken 61.8% retracement of the move-up from the October low to the December high. That level comes at 0.64991 (let’s call it 0.6500). Moving above that level would have traders looking toward a swing area near 0.6523 and the 100-day moving average of 0.65326.
Conversely, stay below the 61.8% retracement, and the bounce is a modest correction of the recent run lower. The sellers would remain in firm control.
This article was originally published by Forexlive.com. Read the original article here.