AUDUSD corrects higher today and retests a broken swing area

<p>The AUDUSD is trading up and down today. The price has moved up more recently extended to a new session high. In the process, the pair is tested the low of a swing area between 0.65586 and 0.65667 on the 4-hour chart below. A move of the swing area would have traders targeting 0.65785 followed by another swing area broken earlier this week between 0.6595 and 0.6603.</p><p>Key test in the short term for the AUDUSD. The buyers have corrected the pair to the closest resistance to target. If resistance holds, a rotation back down and ultimately to the low from the end of May at 0.64576 is still in play.</p><p>Conversely move above the swing area and 0.6566 and traders will look toward the 0.6600 area.</p>

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