AUDUSD Offering Intra-Day Price Action Signals | May 22nd
AUDUSD – Strong Rejection at Key Level
After initially gaining during the Bernanke conference, the Aussie sold off massively, rejecting just shy of the aforementioned key level .9843 where two prior pin bar signals formed. The prior SL (swing low) at .9709 where the corrective move started, was broken, with the market pulling back into it – then selling off further.
Traders can look for intra-day price action signals off the .9709 on a weak pullback. If this level holds, then .9650 and .9600 are on deck. If it fails, then .9750 and .9843 become the next area for bears to re-enter as a with trend setup. Bulls will want to watch .9600 for possibly re-entry, so plays on both sides here.
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