Forex technical analysis: AUDUSD tests 61.8% retracement. Is it time to go?
Better retail sales out of Australia helps pair
The Australian retail sales came in much better than expectations at the start of the day today and that sent the AUDUSD higher.
Looking at the daily chart below, the price has moved to new highs since October 2017 and in the process is testing the 61.8% of the move down from the Septmeber high at 0.7687. IN October the swing highs reached 0.78968. That area - between 0.7687 and 0.7697 - is the next target to get to and through.
Drilling to the hourly chart below, the run up today has not been without a lot of "ups and downs". That "up and down" action has taken place below the 0.7887 level from the daily chart, and above and below the 2018 high at 0.7874.
We are not back up testing the 0.7887 level. It is go time for the buyers if they are to take the next step.
I would look for risk to be the 0.7874 level now. Stay above is more bullish. If that can hold, I would expect a try to get above the 0.7687-97 area. Get above that area, and there should be more upside potential.
We will see.....