AUD/USD survives another "death trap" this week

<p>The pair broke both the August and early September lows in a drop to 0.6330 earlier this week, which was the lowest level since November last year. But amid a turnaround in sentiment and flows since yesterday, buyers are finding a new lease of life in a push back to 0.6478 currently.</p><p>The aussie is one of the better performers today as the dollar slumps alongside bond yields, while equities are finding added comfort from that to start European trading. S&amp;P 500 futures are now up 0.4% currently.</p><p>That being said, despite the solid rebound, the pair is still finding itself in a bit of a pickle as it returns back to the consolidation phase as noted <a href="https://www.forexlive.com/news/audusd-starts-to-wander-towards-the-lows-for-the-year-again-20230926/" target="_blank" rel="follow">here</a> earlier in the week.</p><p>The 0.6500 mark remains the most critical technical level that buyers need to break through in order to really convince of a stronger turnaround in momentum in the bigger picture. For now, they are still lacking in that department. And so, the push and pull continues.</p><p>The only difference is that AUD/USD has survived another "death trap" this week on a break below the August and September lows. But when you draw a trendline support with those, perhaps that was what buyers were counting on amid a turnaround in sentiment on the week.</p>

This article was written by Justin Low at www.forexlive.com.