Forex Trading: AUDUSD Reverses And Now Down On The Day
The AUDUSD reversed course with a reversal of the stock market in pre opening trading. The price fell below the close from yesterday at the 1.0630 level but has found support against the 38.2% of the weeks trading range. Traders will likely use these two areas as the extremes for trading this morning.
ON the topside, also traders will be watching the 1.06227 level which is the 38.2% of the move down. Holding this level on the correction higher might be a sign that traders are willing to sell and lighten up positions into the weekend.
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