The AUDUSD is stretching to a new session high and in the process is testing the 50% midpoint of the trading range since the February 2021 high (to the January 2022 low). That midpoint level comes in at 0.74867. The price high just reached 0.74855.
Move above that midpoint level and traders will next target swing level between 0.75315 and 0.75602 (see red numbered circles and yellow area).
If sellers leaned against the 50% level, a move back below 0.7425 to 0.7442 would be needed to give them more comfort (see green numbered circles and yellow area).
