The AUDUSD has been fluctuating throughout the day following an upward trend from last week. Today’s upward movement reached a new high dating back to January, stopping near the swing high of January 4 before reversing lower. The decline from the January 4 high lasted for about 3/4 months, hitting a low for the year at 0.63617. Since the mid of April, the price has been gradually increasing, with today’s high reaching the early January high of 0.67604. This cycle of ups and downs seems to have completed.
The price correction brought it within the range of 0.67278 to 0.6738, which serves as a crucial support level at the beginning of the new trading week. A drop below this level could prompt traders to aim for the 0.6708-13 level, and breaking that might lead to further downside movement. As anticipated, sellers entered the market today at the expected level. The big question now is whether this is just a temporary pause or if there is a more significant selling pressure building up.
If the price dips below 0.67278 and breaks 0.67087-13, it would give sellers more confidence in their positions. Traders will be closely watching these levels to assess the market sentiment and potential future price movements. It is essential to monitor the price action carefully in the coming days to gauge the market’s direction accurately.