Forex

AUDUSD rotates back higher and tests 2022 61.8% retracement

AUDUSD on the hourly chart

The
 
 AUDUSD 
has reversed again larger after an Asian session transfer decrease that noticed the worth lengthen again towards the 0.7100 degree. A swing space between 0.7105 and 0.7110 stalled the autumn within the Asian session (it was additionally swing lows from Tuesday’s commerce).

The next bounce again larger noticed the worth lengthen again above its 200 and 100 hour shifting averages within the London/early New York session. The worth excessive moved as much as retest the 61.8% retracement of the 2022 buying and selling vary at 0.7181. The excessive worth reached 0.7183 and rotated modestly to the draw back. The present worth trades at 0.7171.

What now?

Getting again above the 0.7181 degree and staying above, would subsequent goal one other swing space between 0.7203 to 0.7213 (see purple numbered circles). ON the squeeze larger yesterday, that space was damaged with the worth shifting as much as the subsequent key goal on the 100 day MA (blue line at 0.72457 presently). Vendor leaned, and helped by Bullard, the pair moved again to the draw back.

If the worth can’t get again above the 61.8% degree, a rotation again towards the rising 100 and 200 hour MAs can be focused.

For the week, the low was reached on Monday at 0.7064. The excessive was the spike excessive yesterday on the 100 day MA (at 0.72457). The 100 and 200 hour MA will proceed to be the shut barometer for the bullish and bearish bias.

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