The AUDUSD has reversed back higher after an Asian session move lower that saw the price extend back toward the 0.7100 level. A swing area between 0.7105 and 0.7110 stalled the fall in the Asian session (it was also swing lows from Tuesday's trade).
The subsequent bounce back higher saw the price extend back above its 200 and 100 hour moving averages in the London/early New York session. The price high moved up to retest the 61.8% retracement of the 2022 trading range at 0.7181. The high price reached 0.7183 and rotated modestly to the downside. The current price trades at 0.7171.
What now?
Getting back above the 0.7181 level and staying above, would next target another swing area between 0.7203 to 0.7213 (see red numbered circles). ON the squeeze higher yesterday, that area was broken with the price moving up to the next key target at the 100 day MA (blue line at 0.72457 currently). Seller leaned, and helped by Bullard, the pair moved back to the downside.
If the price cannot get back above the 61.8% level, a rotation back toward the rising 100 and 200 hour MAs would be targeted.
For the week, the low was reached on Monday at 0.7064. The high was the spike high yesterday at the 100 day MA (at 0.72457). The 100 and 200 hour MA will continue to be the close barometer for the bullish and bearish bias.
