Forex technical analysis: AUDUSD tests 0.8000 again

Technical Analysis

Author: Greg Michalowski | audusd

Retraces back to the highs of the day

The AUDUSD moved up to a high of 0.79986 in the Asia-Paciific session, stalled against the 0.8000 area, and fell to 0.7939. That retracement level was where the 38.2% of the move up from Friday's swing low (the last leg higher). The buyers remain in control.

The price is back up rethinking about taking out the 0.8000 level.  

A move above will next target a topside channel trend line at 0.8014 (and moving higher - see 4-hour chart above).  A break above that level opens up the upside for more momentum.

The buyers remain in control:
  • Last week a lower trend line was tested and held
  • The price correction today stalled at the 38.2% of the last move higher. 
The price action is choppy today, but the sellers are not taking control  

On a break, the 0.8414 will be a more important level technically for me.  Get above, smooth sailing ahead. Stall (and it will be a tough nut to crack on the test) and the sellers will have a shot to call a top.  

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