AUDUSD at a very pivotal level of support.

As I had discussed on the Week Ahead video this Sunday, the AUDUSD is at a very pivotal level in the market. Today did not disappoint as downside pressure stalled at the .6930 breakout point from last month. This was a recent high in October and also early December before the move to the .7030’s. A move below the black trend line near the .6920 level would be bearish near term, but while above it the risk of a move back to the .7000 level still exists. The daily RSI has worked off the overbought signals from last week.

Steve Voulgaridis