Swing area between 0.7642 and 0.7676
The AUDUSD has seen it's price moved to the highest level since June 2018. In the process, the pair is testing a swing area going back to March to June 2018 between 0.7642 and 0.7676 (see yellow area in the daily chart above and red numbered circles). The high price today reached 0.7639 and backed off on the 1st test.
Getting above that area would increase the bullish bias from a technical perspective going forward. The current price trades at 0.76178.
Drilling down to the hourly chart, the pair today broke above a ceiling at the 0.7571 to 0.75777 area (see yellow area in the chart below and green numbered circles). That ceiling is now a floor. Stay above is more bullish.
Above that level is the 30.2% retracement of the trading range this week at 0.75886.
Both the 0.7586 and the old ceiling (now floor) at 0.7571-0.75777 are support targets on a correction. Moving below each is the minimum requirement if the sellers are to take back more control in the new trading session.
