New lows for the month today
The AUDUSD fell below the lows from September from the 9th (at 0.71917) and yesterday (at 0.71985). The low price reached 0.71639 so far today. Stay below those levels on the daily chart keeps the sellers in control.
The next targets on the daily chart below comes in other August lows at 0.7135 and 0.71083. The low from August was on the 1st day of the month at 0.70758.
A risk off flow would likely lead to those lower levels, but the price can go lower for technical reasons too. The price yesterday fell below a lower trend line which tilted the bias a little more to the corrective downside. It also fell below swing highs going back to early August. Stay below those levels tilt the bias more to the downside.
Drilling to the hourly chart below,, the price fell back below the 0.7187 to 0.71917 swing area (see red numbered circles). The will below that area is the 2nd try today. The 1st try failed. With the 2nd break traders now what will be looking for that swing area to hold resistance. Stay below is more bearish. Move above and all bets are off once again. The next targets come in against the August 20, August 21 and August 25 lows ranging between 0.71359 and 0.71495.
Sellers are making a play on the daily and the hourly chart. The question is can they keep the pressure on and it downside targets in the process.
