The 61.8% retracement holds support today
The AUDUSD fell below the 200 hour moving average and upward sloping trend line on Friday. . That was a bearish move in what was a trend a lower. It took the pair below the next key target levels.
Today, the price opened lower and extended toward the 61.8% retracement of the move up from the April 21 low at the 0.63736 level. After retesting that retracement level, the price has moved higher into the New York session. The high price for the day in the early New York session, did find resistance against the underside of the broken trend line and the 200 hour moving average currently at 0.64362 (both are moving higher).
The holding of those technical levels on the corrective move higher today, solidifies them as topside resistance. You can also argue that the 61.8% retracement at 0.63736 at the lows of trading today, is just as strong on the downside as support.
We currently trade between those levels at 0.6410. That is right around the 50% midpoint of the move up from the April 21 low. There is also a swing area going back to April 20, April 23, April 24, on Friday and again today (see green numbered circles). That needs to be broken and stay broken to give sellers more confidence.
Right here, the buyers and sellers are battling it out intraday with the sellers holding a slight advantage at the 50% area, and below trend line and 200 hour MA.
