AUDUSD rides the US dollars decline

The AUDUSD is riding the dollar’s declining trend today, and in the process has moved above the 50% midpoint of the 2023 trading range. That level comes in at 0.68073. The price is currently trading at 0.6859 at highs for the day.

Drilling to the hourly chart, the price is testing a topside channel trend line at the highs. If the sellers lean against, the level, and then move back below the high from yesterday at 0.6835, we could see a rotation back to the 50% level. Conversely, if the price moves above the topside trend line, the buyers are in full control.

This article was written by Greg Michalowski at Source