AUDUSD bounces off the 38.2% and back above 200 day MA

In an earlier post on the AUDUSD (and in the video for the day), I spoke to the breaking of the 200 day MA and the next target at the 38.2% at 0.67798.

Unfortunately for the sellers, the 38.2% stalled the fall. The low reached 0.67808 just 1 PIP above the 38.2%% retracement target. The price has moved back above the 200 day moving average at 0.6803. The current price history at 0.6811.

What now?

With the failure below the 200 day moving average and the inability to get below the 38.2% retracement reestablishes those levels as a support. There still could be a break below but I would expect that is a better chance to head up toward the 0.6828 – 0.6855 area (see the yellow area on the daily chart above).