Thoughts on $AUDUSD after recent pullback
Been watching $AUDUSD pretty closely these past few days. The move down to around 0.68915 feels like it's testing a fairly significant support level that's held up well on prior dips. If it can find a footing here, a rebound towards the 0.6950 area isn't out of the question, given the broader trend on weekly charts.
However, a sustained break below 0.6880, especially on a daily close, would seriously invalidate that thesis for me. That would suggest the sellers are genuinely in control for the short term, and we'd likely be looking at a retest of much lower levels, perhaps even down to 0.6820. It's a critical juncture, and I'm not seeing definitive signals one way or the other yet.
I'm with you on the 0.68915 level being key. I've got alerts set up, and if it bounces there convincingly, I'm eyeing a long position with a tight stop loss. The weekly trend does seem to support a potential reversal.