Forex technical analysis: AUDUSD trades above 50% retracement

Technical Analysis

Author: Greg Michalowski | audusd

Move further away from the 100 and 200 day MAs

Last week, the AUDUSD had a shot to take off to the downside. The price moved below both the 100 and 200 day MAs and the 38.2% retracement (blue and green lines in the chart below).  The price moved back above those levels.  On Friday the price extended higher. Today, the price has moved higher.  That is good news for the buyers.

Drilling to the hourly chart, the price rise today has been able to extend above the 50% of the move down from the Feb 16th high at 0.7850.   That level - down to 0.7841 - is support now. The 0.7841 was swing highs from March 6th and again on Friday.  Stay above is the most bullish for the pair. 

If the buyers can keep control, the 0.7882-92 is home to the 61.8%, the 200 bar MA on the 4-hour chart, and the swing high from February 26th. A move above that level would be good news for the buyers.  The high today reached 0.78791.