AUDUSD hangs near the lows. Trades today at the lowest level since January 3rd

Technical Analysis

AUDUSD works into the Flash Crash levels

The AUDUSD is down sharply today and in the process took out the lows from last week between the 0.69602 and 0.69643 area (see yellow area on the chart below). 

The price also moved below the 61.8% of the move up from the January Flash Crash low to the high reached in early February. That level comes in at 0.6952 (see chart below). 

AUDUSD is below the 61.8% of the years trading range.

Risk for shorts now come in at the 0.6952-643 area. Stay below that area, keeps the sellers in control. Start to take out the levels one-by-one and the market loses some of downside bias.  

ForexLive

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