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The AUDUSD has seen the price back below a swing area between 0.7079 and 0.71038 on the daily chart in trading today. The low price reached 0.70543. Going back in time, the February 4 low reached 0.70512. That was the next target, but buyers leaned against the level and have since pushed the price back within the aforementioned swing area.
With US stocks now trading at their highest levels of the day, the pair is now testing the 0.71038 high swing area level. Getting above that level increases the bullish bias in the short term at least.
Drilling to the hourly chart below, the AUDUSD pair is more in the middle of a down channel after testing the lower channel trend line at the lows and finding willing buyers. On the topside, resistance comes in at 0.7150.
The 0.7150 level would be the upside target followed by the 100 hour moving average at 0.7161 on a break of the 0.71038 level and further upside momentum.
If the price can’t get above the 0.71038 level and show upside momentum on the break, it keeps the downside targets in play at 0.70799, 0.70512, 0.6992 and the swing low from January at 0.69669.
