AUD/USD Marches Higher Toward The Key 38.2% Fibonacci Retracement Level

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AUD/USD Marches Higher Toward The Key 38.2% Fibonacci Retracement Level

By Greg Michalowski on May 6, 2009 | More Posts By Greg Michalowski | Forex News By FXDD

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The AUDUSD has bounced off the 100 bar moving average as per the previous post (CLICK HERE) and is now approaching the high for the day and the all important 38.2% retracement off the daily chart at 0.7475 level.

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A break above this resistance level is the next progression in the AUDUSD move higher after the sharp sell off last year. The first progression was when the price crossed above the 100 day moving average (blue line in daily chart) at the 0.6617 level. The next step came when the price closed above the 200 day moving average (green line) at 0.7236 on April 30th. A break above will target higher levels for the pair, with the focus being the 50% retracement level.

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