38.2% and high from November stalls the fall after the job report dip
The AUDUSD dipped after the jobs report and in the process tested the 38.2% of the trading range for the week.
The low for the week was down at 0.73388 on Monday/early Tuesday. The high was yesterday at 0.74448. The 38.2% of that range comes in 0.74068.
The low after the jobs report reached 0.74079 just above the 38.2% retracement and bounced. Also being tested at the low today was the high from November 30 hi at 0.74065, and a swing low from yesterday at 0.74083.
The bounce of support has taken the price to a post employment high at 0.74409. That has also taken the price above the close from yesterday at 0.7437. Buyers are making other push toward the only which is the next obvious topside target.
Looking at the daily chart below, a swing high going back to August 8, 2018 peaked at 0.74526. A July 2018 swing high reached 0.7483. Both those would be upside targets on further momentum higher.
Failure to get above the high for the week continues to have the 38.2% retracement and swing areas as key support. It would take a move below that area between 0.7406 and 0.7408, to solicit more downside probing.
