<p>The AUDUSD has seen volatile down, and back up and back down price action today.</p><p>The initial catalyst to the downside was the weaker than expected Australian jobs report which showed a decline of -11.5K jobs vs expectations of +19.8K. The unemployment rate moved up to 3.7% from 3.5% which was a welcome push to the upside from historically low levels.</p><p>The move to the downside initially found support buyers within a swing area of recent lows between 0.6855 and 0.68706. The low price reached 0.68673 before bouncing back to the upside.</p><p>The run higher today ran into near converged hourly moving average levels. Both the 100 and 200 hour moving averages came in near 0.6835. The high price reached 0.6835. Sellers leaned against the moving average levels and buyers turned back to sellers.</p><p>The stronger-than-expected US PPI data has given the pair an extra shove to the downside. A new low was reached 0.68618. That is still within the lower swing area floor between 0.6855 and 0.68706. The current price trades at 0.6869.</p><p>Sellers are taking their shot, but dip buyers also have a low risk trade opportunity. Key level for both buyers and sellers. Seller will need a break below the 0.6855 to add to the momentum.</p><p>Take a broader look at the daily chart, should the low be breached at 0.6855 level would have traders targeting 0.6828 followed by the 200 day moving average at 0.68055.</p><p>Conversely, buyers against the 0.6855 level would need more momentum above the 0.6870 level to once again disappoint the sellers shot. The 0.6884 is the 38.2% of the day's trading range (see 5 minute chart below). A move above that level - and the 50% at 0.68986 (call it 0.6900) - would give the dip buyers comfort and agitation for the sellers (and further solidify the up and down thesis for the pair today). </p>
This article was written by Greg Michalowski at www.forexlive.com.
