AUDUSD runs higher and toward May 2024 high and the 50% of the range since the 2023 high

The AUDUSD has moved sharply higher after the better-than-expected US CPI data. The move to the upside has taken the price to the 0.67000 level. Just above that level is the May 2024 high at the same level. The dual level increases the levels importance going forward (and through the FOMC rate decision).

Going forward it would take a move above that level and staying above to increase bullish bias. Conversely, if buyers want to take profit, this level is a key target that gives traders an option.

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