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AUDUSD corrects higher after break of trend line does not solicit more selling.


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11 days down. Friday close 0.6801

The AUDUSD has been down 11 days in a row and today, the pair is lower by 22 pips at 0.6779 (close at 0.6801 on Bloomberg).  So the pair is working on day 12.

However, the low on Friday and the low today each peeked below a lower trend line that has defined the lower boundary. Each of those breaks failed.  The low today reached 0.6747.  The price is at 0.6778 currently.  
Looking at the hourly chart, the pair is also squeezing a bit above a topside trend line at 0.6775.  There is some covering from the shorts, but there is plenty of upside resistance at 0.6805 initially. That is home to the swing high from Friday. The high today stalled at the level too.  Remember the 0.6801 is the close from Friday and a move above would break the 11 day losing streak. So key area near 0.6800 level (trade at 0.6882 now). 
The AUDUSD was risk off earlier today, but is jumping on the weak dollar bandwagon now. The NZDUSD is also moving higher now. The EURUSD is at highs and USDCHF and USDCAD are at/near lows. So the dollar is getting beat up.  

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