Low takes out the Oct 2008 low at 0.6005
The price of the AUDUSD has cracked below the 0.6000 level for the 1st time since April 2003. In the process, the price move below the 2008 swing low of 0.6005. The low price reached 0.5981. The price has bounced back toward the 0.6000 area and currently trades at 0.6005.
Drilling to the hourly chart, the low price is stalling near a lower trendline connecting most recent lows from Friday and Monday. That trend line currently comes in at 0.5975. A break below will open the door for further downside.
Traders will be watching the 0.6005 area. That was the low going back to 2008. If the price starts to trade more comfortably above that level, there could be more short covering toward the low price from yesterday at 0.60778. A topside trend line is up at 0.60989 (call it 0.6100).
