Move away from 50% retracement
Traders are looking to take the AUDUSD away from the 50% retracement at 0.7089 (move down from the October 17 high) and has just moved above the 200 hour MA at 0.70963. A move above is more bullish. Note that the price did move above the MA on Friday, but quickly stalled and reversed lower.
The high from Friday at reached 0.71028 and quickly reversed – using the MA as resistance for the rest of the trading day. That level – along with the 61.8% retracement at 0.7106 are the next targets to help confirm more upside potential for the pair.
The ASX200 is up 0.6% in early trading.