The AUDUSD his approaching support against a key trendline going back to April 5th. The level comes in at the 1.0634 level. This level will provide some key clues for traders in this pair. Hold the level and a correction higher should ensue. Break the 1.0634 level and look for further liquidation (do not trade against a break as the price should move lower).
A clue a bottom is in place (temporary) would be for a move above the 1.0675 level. This level was the bottom on April 26th and has so far been the ceiling for the AUDUSD over the last 4-5 hours. A break above should release the log jam and lead to higher levels.
So key time for the AUDUSD. Are longs still caught and wondering about AUDUSD with a 1.06 handle, or is it a buying opportunity? The technicals should tell the story. Be aware.
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