Retraces the range
The AUDUSD continued the trend higher encouraged by some stellar employment statistics this week and overall USD weakness. The pair extended to new highs for the day/wee at 0.78414 in the early London/European session. The high stalled against and area where there has been a number of swing highs since February ( see chart below). That area comes in between 0.7845 and 0.7857. The high extended to 0.7814 today.
The subsequent selloff has taken the price down to the lows reached earlier in the day at the 0.7769 level. So the pair has completed a lap to the upside, then back down.
A move below the intraday floor. will look toward the 38.2% of the weeks move higher (that comes in at 0.77317) and the old high from April 9 which comes in at 0.7737. I would expect buyers to show at this area on the first test.
So key test for the pair.
