Retesting the 38.2 retracement at 0.73354
The AUDUSD moved higher on the CPI data but has seen more dollar buying along with with most of the other currencies after stocks started to give up gains and “risk off” flows reentered.
The price for the AUDUSD is now back down testing the 38.2% retracement of the range since the August 20 low. That level comes in at 0.73354.
Recall from yesterday, that 38.2% retracement level did hold support.
In earlier trading today, the price did cracked below the level on two separate occasions with the low reaching 0.7323. That was just above a swing area between 0.73163 and 0.73226 (see yellow area and green numbered circles and in the chart above)