AUDUSD moved higher and approaches new key targetsThe AUDUSD is currently reaching a new session high at 0.67894, surpassing a significant swing area
AUDUSD moved higher and approaches new key targets
The AUDUSD is currently reaching a new session high at 0.67894, surpassing a significant swing area that dates back to February, which ranges between 0.6776 and 0.6784. Next, the pair faces the 38.2% retracement level, just shy of today’s high at 0.67897. If breached, the 100-day moving average will be encountered near the natural resistance level at 0.67993 (slightly below 0.6800). Buyers are making a push, but there are potential resistance levels ahead that may attract risk-averse sellers. Consider selling against 0.6800 with a stop above.
Earlier today, the price advanced above its 100-bar moving average on the four-hour chart at 0.66754, the 200-bar moving average on the same chart at 0.67208, and its 200-day moving average of 0.67509. This impressive rally offers multiple targets to reach and surpass. However, the key question is whether the momentum can be sustained or if buyers will become exhausted and opt to take profits against the upcoming critical targets, such as the 38.2% retracement and 100-day moving average.
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