50% midpoint comes in at 0.73229
The AUDUSD is trading to a new session high, and in the process is testing the 50% midpoint of the move down from the September 3 high to the September 29 low. That level comes in at 0.73229.
The price also extended above recent swing highs from September 23, September 24, September 28, and October 4 between 0.73034 and 0.73159. Traders will now use that area (see red numbered circles) as close risk. Stay above and the buyers remain in control.
The best case scenario for the buyers is a break above the 50% now and a move up toward the 0.73406 to 0.73481 area (see green numbered circles).
Sellers who may be leaning against the 50% retracement level would want to see the price move back below the 0.7303 level now, to give more comfort the high is in place.
Key target. Key test.
