AUDUSD trades above and below the 50% of the 2023 range

The AUDUSD moved sharply higher the last two days and in the process moved above the 50% of the 2023 range at 0.67134 on both trading days. Both days also stalled at 0.6728. Buyers of the shot on a number of attempts above the 50% midpoint, and each time they missed.

On the downside, the year 0.6676 – 0.66896 was home to swing eyes going back to November 29 and December 4. Today, the price did move below those levels which should’ve opened the door for a run toward the 38.2% retracement of the move up from the December low at 0.6650, but the momentum stalled at 0.6662.

So buyers have a shot of the present retracement at 0.67134. Sellers had a chance to get to and through the 38.2% retracement at 0.66504 and fell short.

Traders next week will use those levels as bullish and bearish bias tilts with the most important barometer for me being the 50% midpoint at 0.67134. Staying below is more bearish. Moving above will be more bullish.

This article was written by Greg Michalowski at Source