AUDUSD traders are currently testing close support levels between 0.67278 and 0.6738. Despite some fluctuations, the price has managed to stay above the lower end of this range. Yesterday, sellers were active near a swing high dating back to January 4 around 0.67604. This resistance level provided a barrier for further upside movement.
The key question now is whether selling pressure will increase enough to break below the close support area. If the level at 0.67278 is breached, the next target for sellers would be the range between 0.6708-0.6713. A successful break below these levels could signal a more significant downward move in the AUDUSD pair.
In addition to these technical levels, traders will also be watching for any developments in the broader market that could impact the Australian dollar and US dollar exchange rate. Factors such as economic data releases, central bank announcements, and geopolitical events can all influence currency movements.
It’s important for traders to remain vigilant and adapt to changing market conditions. Risk management strategies should be in place to protect against unexpected price fluctuations. By staying informed and disciplined in their trading approach, investors can navigate the ups and downs of the forex market more effectively.