Technical Analysis: AUDUSD keeping the bears in control via ForexLive

The AUDUSD  is keeping the bears in control after pushing above the trend line in early London trading and failing. The sell off has the pair moving toward the next targeted low against a lower trend line connecting 5 recent lows. That target comes in at the 0.8821.

Technical Analysis: AUDUSD moves toward bottom trend line support.

Looking at the daily chart, the 0.8821 level is also a support target on the daily chart. The lows from December 2013 came in at 0.88198 and 0.8821 on December 18 and 19th.   In January, the price spent most of the month below this level (only one close above) before starting the rally higher in February.

I expect  buyers against this level  (this is the RISK level for buyers).   The low for the day is at the 0.88346 so far.

Technical Analysis: AUDUSD approaches support at the 0.8819-21 area.

posted via ForexLive