Retraces 50% of the move down after the employment report yesterday at 0.68046
The AUDUSD has pushed back above the underside of a broken trend line. That trend line was broken yesterday after the weaker than expected jobs report (-15K net job gains). The move lower stalled at the 61.8% of the move up from the October 2 low at 0.6769.
The move higher is also testing the 50% midpoint of the run lower after the employment report. That comes in at 0.68046. Swing levels from October 23-28 (and a high bar from yesterday after the break) are at 0.6808-105, a topside trend line comes in at 0.68125, and the hundred bar moving average on the 4 hour chart is at 0.68174. Finally, the falling 100 hour moving averages is at 0.68215.
So there is a rebound, but the pair is also entering an area where there is a lot of overhead resistance.
Overall however, the tone is positive for the pair today after the sharp fall yesterday
