AUD/USD Intraday Retest of Previous Support as Resistance

Good afternoon traders,

We stay close to home today, with a look at how the Aussie Dollar is trading against the Greenback.

AUD/USD Daily:

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The AUD/USD daily chart has hit major psychological resistance and price has been rejected pretty convincingly.

As you can see, price is just now starting to clear the most recent minor swing lows around the 0.78730 area. This level now becomes key.

AUD/USD Hourly:

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Zooming into the hourly to take a look at the intraday price action, you can see the previous minor swing lows have now broken.

The key to this level will now be if price comes up to retest previous support this time as resistance.

It could be a nice area to build a short position if you believe that the higher time frame psychological level has held and that the bears are now fully in control of the market.

Best of probabilities to you!

Dane Williams – @VantageFX

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