Today was a scalpers dream in the AUDUSD. The pair bounced between the .9950 and .99 zone throughout European and New York Trading. Heading into the New York close the cross is approaching .99 once again. The whipsaw price action has been created by the colliding of two strong price currents. The AUDUSD has been unable to break the grips of the trend line that has been guiding it lower since the 1.0460 region. The pair broke above the line multiple times over the last 24 hours but has never finished a 4 hour bar above it. Supporting the pair is daily price support at .99 and more importantly year to date lows at .9860. A break of the .99/9860 price zone would open up the way for a move down to .9670.
Res .9840(TL) .9865