AUDUSD moves toward recent swing highs

Technical Analysis

Author: Greg Michalowski | audusd

High from October 1 and October 4 being tested

The AUDUSD is trading at session highs and in the process are testing the October swing highs from October 1 and October 4. Those highs came in at 0.67735 and  0.67746> The price is currently trading at 0.6773.

High from October 1 and October 4 being tested
A move above will look toward the September 26 high price and the 50% retracement of the move down from the September 12  high at 0.67806 and 0.67821 respectively.  There could be some stall against the risk defining level. 

Earlier in the day the price spike higher on positive US/China news. The move higher took the price back above the 100 hour moving average (blue line in the chart above at 0.67431).  The pair consolidated above that moving average for a number of hours before starting the run higher.  

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