Stocks trading to a new session lows
The NASDAQ index is trading to a new session low. The S&P and Dow are also near low levels for the day. That has some of the risk on trades being unwound. The AUDUSD is trading to a new New York session low.
The pair did reach up to the high price from last week at 0.69758 and found willing sellers against the level. The high price today reached 0.69741 just before the level and backed off.
The downside, a swing high from June at 17 and again yesterday at the 0.6922 is being tested. A break below would target the 38.2% retracement of the move up from yesterday’s low at 0.6911. Below that the 50% retracement at 0.68916 is also a swing low from trading earlier today.
Sellers are taking back some control after the double top.