Moves to a new 11 year low of 0.65858
The price of the AUDUSD opened lower and moved to a new (nearly) 11 year low price of 0.65828. That took out the low from Friday of 0.65856 by about 3 pips, but momentum quickly faded and the price rebounded. Shorts covered - a little at least.
The price has since moved up to a high of 0.66117. That is still short of the close from Friday at 0.66254. It would be more significant if on a Monday we print a low, that fails, and then close higher (or even better... takes out the previous day's high at 0.66383).
Right now, we have only gotten to near the midpoint of the two day range - and are still down on the day. Sellers are still more in control (get the price in the black and things will look a little better).
So although the new low failed to ignite stops and more selling, there is work to be done on the topside.
The move higher in the AUDUSD comes despite declining stocks:
- Australia's S&P/ASX is down -2.35%
- Hong Kongs Hang Seng is down -1.68%
- Shanghai is down -0.78%
- Dow futures are down -1.39%
- Nasdaq futures are down close to -2%.
