AUDUSD down and back up. Trades above and below 50% midpoint of range since Dec. high

The AUDUSD moved down with the PPI dollar buying, then reversed on revisions. The dollar sellers were somewhat happy with the Chair Powell comments. They were not different from the comments last week after the FOMC rate decision, but was a reminder of what the market perceived as a less hawkish Fed Chair.

The AUDUSD has moved higher and in the process moved above the 50% midpoint at 0.66159, but price action is above and below that MA level. Which way will the market tilt from here? Buyers have another key target at a ceiling area between 0.6635 and 0.6648. If the buyers take more control, getting above that area would open the door toward the 61.8% retracement of the move down from the December high. That level comes in at 0.66759.

This article was written by Greg Michalowski at www.forexlive.com.