The AUDUSD buyers are making a play with a break to the highest level since October 12 and above the high from last week at 0.6400 and high from yesterday near that level.
Technically, staying above 0.6400 now is the best case scenario for the buyers. On the top side, the 61.8% retracement of the move down from the end of September high comes in at 0.64124, and above that, a swing area between 0.6425 and 0.6435 would be the next target to increase a bullish bias.
What would hurt the break and disappoint the buyers who are looking for increased momentum higher?
Watch the 1.2379 – 1.2387 swing area for close support. For buyers looking for more upside, staying above that area would be the “line in the sand” on a corrective move. Also within that area is a 50% midpoint of the range since the September 29 high.
Buyers are making a play. Can they keep the momentum going?
AUDUSD buyers make a play. Can they keep control?