Falls to retest the 2019 high

The EURAUD ran higher in February and in the process extended above the 2019 swing high at 1.67856. The break above that level sent the pair racing higher and to the highest level since August 2009. The high price this week reached 1.71244.

The fall today has taken the price back down to test that 2019 high price at 1.67856. The low for the day reached 1.6774.

Falls to retest the 2019 high

Drilling to the hourly chart below, there have been 3 hourly bars that traded below the 2019 swing high at 1.67856, but with limited momentum. The price has rebounded back up toward a swing area at 1.68219 to 1.68347. Above that level would look toward the underside of the broken trend line at 1.6858 and the 100 hour moving average at 1.6909.

EURAUD on the hourly chart

The EURAUD pair is one of the weakest today. However, the decline has found some dip buyers near the swing high from 2019. If the sellers are to exert more corrective control, getting and staying below the 1.67856 level will be eyed.

Conversely, a move above 1.68347 and the underside of the broken trend line at 1.6858 would ruin the sellers hope and could see more upside potential once again.