AUDUSD continues its move to the downside as global growth concerns weigh on the currency

The AUDUSD has traded to a new 2022 low of 0.6669 and in the process has moved to the lowest level since end of May/early June 2020.

The move took the price into a swing area going back to before the pandemic in 2019 and after the pandemic plunge in March 2020. That area comes between 0.6647 and 0.66809. Once again the low price today came in at 0.6669 so far. The current price trades at 0.6682 just above the high of that area. Buyers are leaning despite making new 2022 lows.

Drilling down to the hourly chart, the pair today moved below the swing lows from September 6 at 0.66988 in the early Asian session, rebounded back higher and extended above the swing lows from September 8 at 0.6713, but rotated back to the downside in the European session as currencies were sold in the US dollar was bought. That took the price to the lows at 0.66692.

Since then, the rebound has taken the price back toward the September 7 low at 0.66989 (call it 0.6700) but found early sellers against that level.

Going forward, the 0.6700 level is a close target to get to and through on the topside if the buyers are to take more control in the short-term. It would be a step in the positive direction, but understand there would be more work to be done for the buyers to take more control, including getting above the 0.6713 level. The 100 and 200 hour moving averages are about 0.6771 area currently. Ultimately if the buyers are to take control, getting above those moving average levels (and the 38.2% retracement of the recent move to the downside just below them at 0.67633) would be needed.

For now, in the short-term watch the 0.6700 level in the 0.6713 level as the 1st targets that would need to be broken if the buyers are to get back in the ballgame.