AUDUSD trades to new highs as risk-on sends the currency higher

Technically, as posted earlier, the price did take out the 2022 high at 0.7440, rising to 0.74474 in the process, but the price did fail on that first break.

HOwever, the dip needed to hold support in the 0.7420 to 0.7429 area. Indeed the low came in at 0.7428, and the buyers showed up.

The price move above the 0.7440, then 0.7447 and the move to the upside was back on. The high just reached 0.74676.

The price action now sets the close risk at the 0.7440-47 area. Stay above and the bullish bias is firmly intact. Move below, and although the aforementioned support at 0.7420 to 0.7429 would still be a downside hurdle, I would expect the buyers to show some “give-up” on the run higher, and turn to sellers.

The next key target is at the 50% midpoint of the move down from the 2021 high to the 2022 low. That level comes in at 0.74867 (see daily chart below).