AUDUSD continues to waffle above early April highs

Technical Analysis

Author: Greg Michalowski | audusd

April 14 high at 0.6444

The AUDUSD continues to waffle above early April highs. Those highs came in at 0.6444. THe price moved above that level in the Asian session. The low since then has been at 0.64435. The price currently trades at 0.64512.  If the price is able to hold support their, that would be the best case scenario for the longs. A rising topside trend line currently comes in around the 0.6491 level.  Adam wrote a post earlier outlining why the AUDUSD should continue to move higher over time. You can read it here

April 14 high at 0.6444
A move back below the 0.6444 level should solicit more downside probing on the technical inability to move higher. Longs could simply get tired.

On the downside, there are a number of swing levels that came in at the 0.63962 the 0.64077 level (see yellow area). A upward sloping trendline from the April 22 low cuts across in that yellow area. The 38.2% retracement of the move up from last week's low is just below that level at 0.63874 and could not be ruled out on downside momentum.

For now however, although the price is off the highs, and buyers and sellers are battling it out between 0.6444  level and the 0.6471 high for the day, the buyers still hold the stronger hand.

Taking a broader look at the daily chart, the move down from the end of December hi to the March low as the 61.8% retracement at 0.64498. That is just below the current trading level. If the price can find a way to stay above, the next key upside target is at 0.6571.  Above that and the swing lows from 2019 between 0.6662 to 0.6684 and the 200 day MA at 0.66915 would be targeted. 

AUDUSD on the daily.

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