The AUDUSD ticked above the 50% midpoint of the 2022 trading range at 0.71403. The high price reached 0.7143, but is currently trading back at 0.7135.
The pair has traded most of the day above its 100 hour MA below at 0.7115. There have been some dips, but they stalled near a swing area between 0.7105 to 0.7110.
The pair trended lower from the January 2022 high at 0.73135 to the January 28 low at 0.6967. The price spiked higher last week to 0.71679 - and above the aforementioned 50% retracement level, but lost steam on Friday after the better than expected jobs report in the US, sent the USD higher.
Yesterday, the move back to the upside was started with the price moving - and basing - above the 200 hour mA (green line).
If the buyers are to keep control staying above both the 100 and 200 hour MA would be required. However, the 50% would also need to be broken and stay broken over time. If done, moving toward the highs from last week at 0.71579 and then 0.71679 would be the next targets followed by the 61.8% and high from January 26 at 0.7181. Get above them, and the door opens for more upside probing.
