Forex Trade: AUDUSD Direction Hinges on 0.7380

On Tuesday we looked at how the AUDUSD was in the process of closing below the key 0.7380 handle.

This area dates back to late 2015 and is also the 61.8% Fibonacci retracement from the December 2016 swing low to the current 2017 high.

The pair went on to close the day below 0.7380 and spent the next 48 hours trading below the new resistance level.

However, today’s CPI and retail sales figures out of the U.S. launched the AUDUSD higher, albeit temporarily.

The Australian dollar has been under pressure since the March 21st bearish engulfing candle. The reversal candle formed after the pair retested trend line resistance from the 2016 high.

All of this matters because it points to momentum, which is still bearish despite today’s intraday rally. The key, however, is where today’s session closes at 5 pm EST.

Source: Daily Price Action

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