Highs going back to March 27th are lining up
The AUDUSD moved to a new session high after passing a $80 billion stimulus package.
However, the price is running into upside resistance defined by swing highs going back to March 27.
Those highs are lining up at
- 0.61827. The high from April 1 and March 30
- 0.61995. High from March 27
- 0.6207. High from yesterday's trade, and
- 0.6213. High from March 31
The high price today just ticked up to 0.61949. We currently trade just off that level.
The good news for the buyers is that the support near the 38.2% retracement at 0.61204 and the 200 hour moving average at 0.61037 attracted dip buyers at the lows today, but there are the topside hurdles to deal with by the buyers.
If the highs can be broken, the Next major target would be the 50% retracement of the move down from the end of December hi to the March low. That level comes in at 0.62681 (see daily chart below).
