50% at 0.6268. Trades to a new high 0.6305 on run higher
The price of the AUDUSD has seen risk on buying that has now taken the price above its 50% midipoint at 0.62681. The price has just moved up over the 0.6300 level in the current hourly bar. It was the first time the price has traded the level since March 16. There was a low at 0.6299 on March 9, and a swing high on March 16 at 0.63004.
If the price can get and stay above the 0.6300 level, it would open up the upside potential off the daily chart. The 61.8% retracement at 0.6448 area would be a target. The low from February 28 reached down to 0.6433 and would be a other/closer target.
Drilling to the hourly chart below, just before the price moved above the 50% retracement at 0.6268, the price was moving above a topside trend line at 0.62625. That rising trend line - coupled with the 50% retracement - makes that area key support/risk defining level going forward.
SUMMARY: The 0.6262-68 area is key support/bias barometer now after the breaks higher today. The 0.6300 area is a key target to get and stay above. The price is stalling near that level with a high of 0.63053 so far. Traders seem to be stalling at the level.
Buyers are in control, but if the resistance continues to hold, we could see some profit-taking after the run higher.