AUDUSD falls to lowest level since early August but bounces higher

The AUDUSD fell ahead of the election results and in the process moved to the lowest level since August 8 at 0.6506 and bounced. The subsequent move higher taken the price toward the midpoint of the day’s trading range. The price has also moved back toward the converged 100 and 200-hour MAs near 0.6586.

Those moving averages were broken briefly in the European session today but the momentum faded and the price moved back down. If the price can get back above those MAs watch for more upside momentum.

Absent that, and the sellers are still in full control.

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