100 hour MA and 38.2% of the last leg higher at 0.60818
If I were to put a market barometer level for the AUDUSD it would be at the 0.60818 level. That is the home to the rising 100 hour MA and the static 38.2% of the last trend leg higher (from Thursday's low). The retracement level - since it is of a shorter trend move - is the minimum to show sellers are taking back some control. Putting it another way, if it can't get below that first target of a shorter move, the sellers are not proving they can wrestle control from the buyers. In fact, the buyers are showing their strength.
Both technical levels are at the same level.
