AUDUSD gearing up for a new move higher?
AUDUSD seeing demand below .6875
Hi traders, today we are looking at the AUDUSD daily chart. For now, we’re noticing buyer interest below .6875 as today is the 2nd time in two days we’ve seen a recovery once sellers have moved below that level.
With a new higher low (HL) setting up today and demand resuming in the existing uptrend, could we see a new push by buyers to break above .6925 resistance level? That’s the real first test buyers are facing. We would prefer to see price close above .6875 today to show buyers remain in control of today’s session. A close below that level starts to suggest seller numbers could be higher after the rejection seen in yesterday’s session.
Looking further out, if buyers are able to form a new extension higher we would be looking for resistance to possibly return at .7025. If today’s rally turns into a new decline we see .6765 as possible lower support.
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02:00 am Thursday morning, Fed Chair Powell Testifies. 11:30 am Thursday morning, Australian employment change and unemployment will be released.
AUDUSD Daily Chart