AUD/USD GFC Low Support Holds

Direct from the desk of Dane Williams.

We had highlighted the AUD/USD GFC low as the key line in the sand for the Aussie.

Having now seen two weeks of price action since, let's take a look at an updated weekly chart showing the level.

AUD/USD Weekly:

You can see on the weekly that price was never able to actually close below that level and can interpret that as higher time frame support having held.

We saw price push down through it, shown by that long wick on the chart, but buyers quickly stepped in to accumulate the weakening sellers, and price pinged straight back up.

Zoom in one more level to a daily chart and the way buyers took back control is even clearer.

AUD/USD Daily:

Take a look at how cleanly price retested the weekly support level on the daily, again showing us its significance and that buyers are still in control.

Price now sits in no man's land between higher time frame zones, but with the overall trend bearish, I'd obviously rather be looking to be a seller than a buyer.

These are the key AUD/USD levels that we'll no doubt be trading around in the coming weeks.

Best of probabilities to you,

Dane.

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