High from last week reached 0.6213.
The AUDUSD has been pushing toward the swing hi from last week at 0.6213. The last 3 hourly bars has seen highs at around 0.6207.
Traders seem to be leaning against that top from last week. I would expect if broken, that the sellers would turn to buyers. On the downside, the low over the last 3 hours has equaled the high from April 1 at 0.61827.
That range between 0.61827 and 0.6213 is what traders are dealing with right now.
The AUDUSD pair has been supported over the last few days by risk on sentiment. Yesterday US stocks rose over 7%. Today, global stocks are higher once again, but there is a bit of a stall. The S&P, Nasdaq and Dow are trading at intraday lows. How that story plays out, would likely show up in the technicals for this pair.
Drilling to the 5 minutes chart below, the price rise over the last few days has been able to stay mostly above its 100 bar moving average (blue line) currently at 0.61818 (PS that is also current support on the hourly chart). Dips over the last 2 days below the 100 bar moving average have found support buyers against the 200 bar moving average (green line in the chart below). Yesterday it was the base before the price started to accelerate to the upside. Today it was also a early session base that led to the sharp move higher.
Should the price moved below the 100 bar moving average at 0.61818, that should lead to further weakness as buyers shift to sellers. The next downside targets would be at 0.61685 and 0.61566 levels. Those levels represent the 38.2% retracement and 50% retracement of the last trend move higher today. Below those levels, the rising 200 bar moving average (currently at 0.6147 and moving higher) would be targeted.
