AUDUSD continues its run to the downside

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AUDUSD continues its run to the downside

<p>As stocks continue to run lower, with the Nasdaq down -220 points or near 2% and the S&P donw -76 points or -2.04%, the AUDUSD is continueing to take it on the chin. The pair is down -1.52% on the day which is only eclipsed by the GBPs 3% tumble vs the USD. </p><p>Looking at the weekly chart, the pair moved below a swing area this week between 0.6656 to 0.66809.  The high price yesterday and today stalled into that range, but found willing sellers (see red numbered circles on the daily chart). </p><p>Drilling to the 5 minute chart, the pair has 3 legs lower today. Each has seen a modest correction. The first two stalled the rally against the 100 bar MA and the 38.2-50% of the "leg lower".  The current leg has stayed well below the 38.2%. Sellers are in firm control/the trend is intact below that correction zone currently between 0.6556 and  0.65629 (a new low, adjusts those levels). </p><p>Stocks trade to new session lows.   </p>

                This article was written by Greg Michalowski at forexlive.com.

Source: AUDUSD continues its run to the downside

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