AUDUSD trades to a new session high

Technical Analysis

Author: Greg Michalowski | audusd

Highest level since March 12

The AUDUSD is trading to a new day high and in the process is trading at the highest level since March 12. The high price reached 0.6388.  

Highest level since March 12
Last week (on Thursday) the price moved above the 50% retracement of the move down from the end of December high at 0.6268. The price also moved above the March 9 low at 0.6300 level.   The high price has reached  0.63883 today. Close risk off the daily is 0.6300 and then 0.62681.  Stay above is more bullish.

Drilling to the hourly chart below, the pair is in an uptrend and testing a topside trend line as the market consolidates with a upside bias. The lower trend line comes in at 0.6334. Bulls would eye that level for intraday support. Move below and the pair may look to correct toward the 0.6300 support from the daily chart.  

AUDUSD on the hourly chart
Buyers in control in the AUDUSD as technical levels are breached.  However, the price has work to do on the hourly to continue the trend today. 

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