AUDUSD sharply lower but tests support target area

  • Swing area and the 50% loom on the downside after swoon lower

The AUD is the weakest of the major currencies today with the AUDUSD leading the way. However, the fall to the downside has approached a lower swing area and the 50% retracement of the move up from the July swing low to the August swing high.

Buyers are leaning against the area and taking some profits against support is helping to stall the fall.

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