Watch the 50% retracement
The AUDUSD has chopped higher in trading today. The pair based at the 0.71467 to 0.71534 in the Asian session and moved higher.
That move, however, ran into resistance against the topside trend line at 0.72084, and stalled.
The subsequent fall has seen the price fall back below the 50% midpoint at 0.71748, but could not extend toward the day's lows. The price is back above the 50%. Stay above would keep the buyers more in control.
If that level can now hold, a move back to the high and toward the 618% (and topside trend line) at 0.72148 can't be ruled out. If it is reached, look for sellers to lean again with stops above.
If the 50% is rebroken, be on the look out for the buyers to give up and rotate back toward the lower trend line where buyers and sellers can decide "what next?".
