Steps higher in trading today
The AUDUSD is trending higher again today and the rise is following a leg up, and correction to the 38.2-50% correction zone (see yellow areas in the chart below). This is indicative of trend buyers who are keeping firm control of the trend. Stay above the correction zone and the buyers remain in control. Move below and the trend may be slowing.
Looking at other technical clues, the highs are higher and the last two pushes to new highs have moved above a topside trend line. The first one failed but found support in the correction zone (the highest yellow area). The current push, just did take out the high and is now traded below that old trend line. Is the momentum fading? Maybe. The prior highs need to hold.
Does staying below the highs mean the trend is over? Nope.
The price has peaked and corrected to the 38.2-50% correction zone three times today. A move back below 0.72997 (lets call it 0.7300) is the minimum for the sellers to start to take back more control. Until then, The dips are simply "dips" in a bull run. A move above the high will be another bullish signal.
