Moves back above the 38.2% of the move down from the Oct high
The AUDUSD has moved back above the 38.2% of the move down from the October 29 high to the April 2 low. That level comes in at 0.80587 and this will now be a close risk, defining level for the buyers/longs. The pair moved above this level on April 29th, only to come tumbling down. The low most recent low from last Friday tested the 100 day MA (blue line in the chart below) but held like a charm. Another key level on the downside, is the 0.8030 level. This represents low and high prices going back to January. Targets above come in against topside trend lines at 0.8108 and 0.8122. Above those levels and the pair will have traders looking toward the 0.8221 level.
The sellers have to prove they can push the price back below the 0.8058 (and then 0.8030) level now. Failure to do so, keeps the buyers in control.