AUDUSD scrapes along the bottoms over the last 9 days

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  • Double bottom at 0.6841 area
AUDUSD scrapes along the bottom

The AUDUSD is scraping along the bottoms over the last 9 trading days. Between 0.68409 and 0. 6858, there have been a number of swing lows that have seen bounces back higher . The low today stalled at the low from Monday at the lowest of those extremes. Risk focused traders are leaning. If the low is broken it should open the door for more selling.

The move lower today came after the pair first moved higher in the Asian session. That run higher saw the pair move up to test the falling 200 hour MA (green line) currently at 0.69039. The 100/200 hour MAs are both at that level currenly It would take a move above - and stay above - to give the dip buyers more control.

Ahead of those MAs on the topside are the swing lows from August 5 at 0.6869, and then the swing low from August 2 at 0.69847. Admittedly, the price action over the last 9 trading days has seen price action above and below those levels. Nevertheless, when trying to build a bounce, I think those levels would need to be re-broken to tell a more bullish story.

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