Forex Trading: AUDUSD. Is A Further Correction Due?
Looking at the AUDUSD 5 minute chart over the last 24 hours of trading or so, there is some choppy action. However, there are some “remembered prices” which have created a few floors in the pair in the shorter term. The first floor come in at the 89.20 level where the market used as extreme lows on 3 separate occassions on Friday afternoon, before falling through. Later the level was used as support leading to the next range higher. The second floor has come in at 0.8642 where on two occassions today, the price has dipped to this level. The last dip could only come down to 0.8650 where buyers entered. We will be watching the action this morning to see if the price can maintain the bottoming bias. A move below the 200 bar MA on the 5 minute chart (green line) will likely muddy the water and may then look to probe the downside 0.8640 floor. So a key time for the AUDUSD may be developing.
On the hourly chart the topside key resistance is evident at the 87.07 area. The 38.2% retracement of the last leg down, and highs from the last 24 hours have stalled at these areas. Clearly a break of this level is needed to push the correction higher.
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