The AUDUSD fell in the early Asian-Pacific session, and in the process tested a short-term swing area seen over the last few weeks at 0.6585. Points are held, the price reversed and started to extend the upside.
The move has now taken the price above the 50% midpoint of the move down from the December high at 0.66159. That level will now be a barometer for both buyers and sellers. If the price is able to stay above that level, the buyers would remain more in control with a swing area between 0.6635 and 0.6648 as the next key target to get to and through.
Conversely, move back below and there could be additional disappointment on the failed break higher.
This article was written by Greg Michalowski at www.forexlive.com. Source