New highs for the AUDUSD.
The AUDUSD is not up 1.32% as the run higher continues. Stocks after a early move lower in the broader indices, moved back higher (although the Nasdaq has reversed lower as I type).
For the AUDUSD, the pair moved above a key swing area at 0.6800 to 0.6823 earlier today (see green numbered circles) and that opened the upside. The next target on the topside comes in at 0.6933-37 area. That was a swing highs from December 13, 2019 and again on January 16, 2020 before the price started to trend to the downside (see red numbered circles).
Drilling to the hourly chart below, the price has been able to stay above a lower trend line earlier in the session, and then extend above the swing area from the daily chart between 0.68 and 0.6823. Getting above that level increase the upward momentum to the highs for the day.
On the topside, the next target comes in at 0.6909. That is the topside channel trendline (and moving higher). There should be some stall against that level on the test.
The AUDUSD has a 115 pip trading range. The 22 day average is only 86 pips. So the pair has some trend like characteristics.
