Eyes the 61.8% retracement
The AUDUSD is trading up and down today, and is currently on one of it's upswings. The price is looking to test the Asian session high at 0.64316. The high price just reached 0.64276. A move above the high should open the door for further upside momentum.
On the downside, the price low in the London session stayed above the Asian session low. The low price in the 1st hour of trading reached down to 0.6372. The low price in the London/European session reached 0.63736 - just above that level.
I would have to give the bias to the buyers as a result. However getting above the high price is essential now and on the first retest of the high sellers seem to be leaning (with stops likely on a break higher).
Taking a broader look at the daily chart, the next key target comes in at the 61.8% retracement of the move down from the end of December high to the mid March low. That level comes in at 0.64482. A move above that level opens up the door for further upside momentum.
