The AUDUSD is moving higher today with the pair being the biggest mover of the day (up 0.74%). The move to the upside has seen the price move above a swing area between 0.6480 and 0.6487. On the top side, the next key target comes against swing highs from the week of August 10 and the week of August 25. That ceiling comes in at 0.65214. Get above that level and the door opens for a move toward the 38.2% retracement of the move down from the July high at the 0.65623 level.
On the downside now, a move below 0.6480 would have traders looking toward the high from earlier this week and last week near 0.6474. Below that the 200-bar moving average on the 4-hour chart at 0.64519 would be targeted.
This article was written by Greg Michalowski at www.forexlive.com. Source