AUDUSD can't pick itself up off the lows. New lows for the year for the pair.

<p>In an earlier video on the AUDUSD, I talked to the possibility of a bounce in the AUDUSD. The pair is oversold. The RSI was diverging on the hourly chart the price needed to get back above the end-of-May low near 0.64587. Looking at the hourly chart, the price could not get back above that 0.64587 level. The price has been drifting lower since. </p><p>See the earlier video from today below outlining the trade:</p><p>The price just made a new session low at 0.6415. That took out the earlier low and 0.64272. Sellers remain in firm control.</p><p>Taking a broader look at the daily chart, there isn't a lot of support until you get to the swing low from November 10 at 0.6385. Below that is a swing area between 0.6348 – 0.6363. </p><p>Close risk is now 0.64587.</p>

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