Fall below the 38.2% went no where. Sellers turn to buyers
The AUDUSD has been chopping up and down in trading today. Recall from yesterday the price trended higher and to the highest level since early February 2019. That move took out the high price from last Friday at 0.72265. The price extended to 0.72401. However momentum could not be sustained. When the price fell back below the previous swing high, and buyers turned to sellers and the price rotated lower.
For most of the trading today the price has been confined above the 38.2% retracement of the move up from the Monday low to the Wednesday high. That level came in at 0.7177. In the early New York session, the price did dip below that 38.2% retracement to a new session low of 0.71733. However momentum quickly stalled on that break and the price snapped back higher.
The price just reached a new high 0.72213. The swing high from last Friday remains a target at 0.72265 as does the high price from yesterday at 0.72401. Those are the obvious upside targets to get to and through.
Having said that the choppiness of the trading could see a continuation. If your looking for a dipped to buy, leaning against 0.7200 down to 0.71957 would seem to be a level to defined risk and limited risk intraday.
If you looking to sell, leaning against the swing hi from last week at 0.7226 seems to be the close resistance now to defined and limited risk.
