The AUDUSD moved up to a new 2022 high taking out the March 7 high at 0.74425 and trading at the highest level since November 4. The high price reached 0.74476 before rotating modestly back down.
Looking at the hourly chart, the price dip has taken the AUDUSD back to a swing area between 0.74201 to 0.74293. The low just reached 0.74283.
Hold the area, and the failed break to new 2022 highs is excused.
Move back below the area, and the short term break buyers can easily tilt back to the sell side on the failed break.
Helping the upside today is that the lows both yesterday and today stalled within a lower swing area between 0.7367 and 0.73799. The rising 100 hour moving average is now within that area as well (see green numbered circles and blue line at 0.73706). Should there be a move back below the 0.7420, that area may be retargeted on selling momentum.
For now, the buyers against the 0.7420 – 0.7429 level are holding in and keeping the buyers in firm control. Get above 0.74401 and 0.74476 and the door opens for further upside momentum.