The AUDUSD is moving above the 50% of the move down from the October 29 high to the low reached on November 7th. That level comes in at 0.8725. The next upside target comes in at 0.8740. There is a small gap at the 0.8761 area (see chart below) and this too is a target in trading today.
The AUDUSD is moving above the 50% at the 0.8725 level.
Looking at the daily chart below, the price closed above the October lows at the 0.8642 and 0.8651 levels (see chart below). The low today came in at 0.8664. So there is a break away from that area (this will be a RISK level if the price should go lower for longer term buyers).
The next longer term targets from this chart come in at the 38.2% of the move down from the September high at the 0.88687 level. The 50% of the same move lower comes in at 0.8970 area.
AUDUSD break to new year lows could not be sustained.
The 5 minute chart today shows the close risk for traders intraday. The price has been able to hold support against the 100 bar MA (blue line in the chart below at the 08710 level currently) and the upward sloping trend line. Stay above and the buyers remain in control.
Support at the 100 bar MA and trend line intraday now.
