AUDUSD sets the 50% midpoint as resistance for 2nd day
The AUDUSD moved lower in the Asian session but started a rebound back higher in the late European early US session. The move to the upside extended above a swing area between 0.66188 and 0.66295. The high price reached up to 0.66371 which was just short of the 50% midpoint of the May 2023 trading range at 0.66376. On Friday that midpoint was also tested and found willing sellers.
The double top now sets the 50% midpoint as key topside resistance.
Sellers are trying to set the resistance. On the downside, the 38.2% retracement of the same May trading range comes in at 0.6595. Getting below that level (and staying below) should give sellers more confidence.
