AUDUSD looks to test the September low. Key level.

Source link

Lowest levels since July

The AUDUSD has been trading between 0.7005 and 0.74128 since July 21.  The high was reached on September 1.  The low was reached on September 25 at 0.7005. At the time the price was also testing its 100 day moving average (blue line in the chart below)..

The price of the AUDUSD has been trading above and below its 100 day moving average since October 15. 

Yesterday, the price action initially moved higher, but found sellers against its topside trend line at 0.7156 (see red numbered circles and trendline). Sellers leaned against that level and pushed the price back down. 

The price of the pair as just reached 0.70056 and is trying to hold the level. A break below however, should solicit more selling momentum.

For bank trade ideas,