The AUDUSD has broken higher, extending above the recent swing highs between 0.7535 and 0.75394 from March and also outside of the 90 pip trading range that has confined the pair since March 22 (9 trading days).
The price has also moved above the October 2021 high at 0.75549 taking the pair’s price to the highest level since July 2021. The high price has ticked up to 0.75557 so far.
Close risk is now the highs from March between 0.7535 and 0.7539. Stay above that area and the buyers on the break higher remain comfortable. Move below and they could get a little bit more nervous on the failed break.
Looking at the daily chart, the pair is within a swing area between 0.7540 and 0.7560. Move above the upper extreme of that swing area, and traders will start to target the 61.8% retracement of the move down from the February 2021 high at 0.76094.