At 0.71403 the AUDUSD traded above the 50 percent mark of the 2022 trading range. Although the high price was 0.7143, it is currently trading at 0.7135.
The pair traded above its 100-hour MA at 0.7115 for most of the day. Although there were some drops, the pair remained within the swing zone between 0.7105 and 0.7110. The trend was lower from January 2022’s high of 0.73135 to January 28’s low of 0.6967. The price spiked to 0.71679 last week – above the 50% retracement level. However, the USD gained steam on Friday due to the US’s better than expected jobs report.
Yesterday saw the price move – and the basing – above 200 hours mA (greenline).
To maintain control, buyers would need to stay above the MA of 100 and 200 hours. The 50% must be broken and maintained over time. Moving towards the highs of last week at 0.71579, then 0.71679, would be next targets. The 61.8% high at January 26 at 0.7181 would also be a target. If you can get above them, there is more upside potential.
