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The AUDUSD moved sharply higher yesterday helped by risk-on sentiment. The pair extended above the 61.8% retracement of the move down from the December high at 0.66759, and also a swing area up to 0.66896. However, momentum faded in the Asia-Pacific session today, and the price rotated back below that 61.8% retracement level.
The move lower, took the price back down toward an old ceiling (see red number circles on the chart below) that was broken during yesterday’s trade. If the pair is going to keep its more bullish bias, staying above that area is key today and going forward.
Be aware.
AUDUSD holds above an old ceiling area
This article was originally published by Forexlive.com. Read the original article here.