100 hour MA and 38.2% of the last leg higher at 0.60818
If I somehow managed to put a market indicator level for the AUDUSD it would be at the 0.60818 level. That is the home to the rising 100 hour MA and the static 38.2% of the last pattern leg higher (from Thursday’s low). The retracement level – since it is of a shorter pattern move – is the base to show venders are reclaiming some control. Putting it another way, in the event that it can’t get underneath that first objective of a shorter move, the dealers are not demonstrating they can wrestle control from the purchasers. Truth be told, the purchasers are demonstrating their quality.