..but tests and holds some key swing levels
The AUDUSD moved to a new low for the year and since May 2016, but in the process is testing a lower trend line, and some swing lows from back in 2016.
The low today reached 0.7156. The trend line came in at 0.7158 - just two pips higher.
The swing lows from the May 22nd week reached 0.7144. The swing low from December 18th week reached 0.71594. So the low for the day reached between those swing areas (yellow area).
We currently trade at 0.7177. Off those lows but still lower on the day (closed at 0.7188 yesterday).
The RBA kept rates unchanged yesterday for the 25th consecutive month. GDP will be released in the new day which could be the catalyst for the next push.
Risk for dip buyers is on a break of the 0.7144-58. Hold above and there is scope for some short covering off this key support area. A break below 0.7144 and the "market" will probe lower. The area is a key level.
