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AUDUSD stalling, sellers regrouping?

jeffriess
February 6, 2020
by Joseph Jeffriess, Market Analyst

Sellers continue to defend .6762

Looking at the D1 AUDUSD we can see price has started to stall after a solid 3-day rally. Buyers jumped back in after the RBA held rates breaking the fast downtrend and holding around 6685 reconfirming support around the existing area.

Yesterday and today we’re seeing buyers starting to stall from .6762 this level has set up as resistance with supply amble for now from .6776 down. while this resistance level remains in play for sellers there is a chance we could see a new push lower. Sellers will be aiming to retest support. A break of that support sets up a new possible extension of the mid-term downtrend. If buyers can re-hold, it adds further weight to the current support level and possible new hold to extend higher.

For now, we will need to wait and see if buyers or sellers win at the current level.

All times are AEST.