The AUDUSD pair has displayed a remarkable symmetry in its retracement levels. The sharp move lower in June has retracement levels that are equal to the retracement levels of the sharp move higher in July. This symmetry can be better appreciated by watching a video representation of the price movements.
Last week, the AUDUSD pair moved upwards and tested the swing high from mid-June. However, sellers emerged on Friday, leading to a corrective move lower. Today, the pair fell below the rising 100-hour moving average, which was positioned at 0.6800. Nevertheless, the correction stopped short of reaching the 38.2% retracement level of the move higher in July or the broken 61.8% retracement level of the move down in June, both of which are at 0.67814.
In summary, the AUDUSD pair's recent price action indicates a fascinating symmetry in its retracement levels, but it remains to be seen if the correction will gain further downside momentum beyond the mentioned retracement levels. Traders and investors are closely observing the situation to assess potential future price movements.
As expected, the price has bounced back above the rising 100-hour moving average, which is a common occurrence in such market situations. For intraday traders, the crucial level to monitor now is 0.6835. This level serves as a barometer for both buyers and sellers, as it could determine the short-term direction of the AUDUSD pair. If the price manages to break above 0.6835, it may attract more buyers and potentially lead to further upward movement. On the other hand, if the price fails to breach this level and faces significant selling pressure, it could result in a reversal back to the downside. Hence, traders are closely watching how the price behaves around the 0.6835 level to gauge the market sentiment and make informed trading decisions.
Chris
Herad Trader & Coach
www.thetradongmentors.com
Comentários