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AUDUSD - Watching the 0.6875 retest
Been eyeing $AUDUSD today, specifically the retest of that 0.6875 low we saw earlier. It held up fairly well initially, bouncing off it, but the follow-through hasn't been convincing. It's now hovering just above it again at 0.68935.
The overall trend still feels down to me on the daily, and this level is a key one for continuation. If it breaks decisively below 0.6875 on sustained volume, I'd expect a push lower towards 0.6850 and possibly even 0.6820. The risk that invalidates this bearish tilt, at least in the short term, would be a strong reclaim of 0.6900 and then a move past today's high around 0.6913. That would suggest the buyers have stepped back in.
1 comments · 1 points
I'm seeing similar action. That bounce wasn't convincing at all. If it busts through 0.6875, it's probably heading lower for a bit.