The AUDUSD move taken a step higher today after an up and down consolidation day on Friday.
Recall on Friday, the pair moved down, and up, and back down again before bouncing toward mid range at the close.
The high price on Friday stalled against the high price on Thursday near 0.7071(red numbered circles). The low price stalled near the rising 100 hour moving average (blue line in the chart above). The low in the US session also matched the low in the Asian session on Friday (green numbered circles).
Today, the price moved above the ceiling from Thursday/Friday and moved up to another swing area between 0.7117 and 0.71323. The price has stalled within that level and traded up and down since the early European session. The high price today reached 0.71255. The lowest since reaching the high has been at 0.7088.
For buyers looking for more upside momentum, the 0.7071 level (high from Thursday and Friday) is a risk defining level.) The low at 0.7088 is a closer support level. A move to new highs and above 0.71323 would next target the 38.2% retracement of the move down from the April 5 high at 0.71468. Move above that level and it opens the door toward 0.7179.
More important upside targets come in a cluster between 0.7227 and 0.72589. Within that area sits the:
- 100 day moving average at 0.7233
- 50% retracement level at 0.72449
- 200 day moving average at 0.72589
- Other swing levels between 0.7227 and 0.7259
