The AUDUSD fell sharply yesterday, breaking back below a key ceiling/floor zone between 0.7221 and 0.7227. That bearish break helped push the pair down toward the next swing area support between 0.7193 and 0.7200. In early Asian-Pacific trading, buyers leaned against that support zone for several hours, helping stabilize the price before the pair rotated back to the upside.
During the European session, the AUDUSD reclaimed the former swing area between 0.7221 and 0.7227, and importantly, the price has been able to stay above that zone into North American trading. That move back above the old resistance area shifts the short-term bias back in favor of the buyers, with the pair now trading near 0.7240.
The next upside targets are the highs from earlier in the week. Yesterday’s high reached 0.7263, while Wednesday’s high extended to 0.7277. Recall from yesterday’s post that the 0.7277 area represents a key resistance zone dating back to 2022, where prior swing highs came in between 0.7265 and 0.7283. Earlier this week, sellers leaned against that historical ceiling with risk defined and limited, helping stall the rally within that resistance cluster.
For now, buyers are back more in control while the price remains above the 0.7221–0.7227 area. A break above the key 0.7283 resistance level would open the door for further upside momentum and increase the bullish bias going forward.