The AUDUSD is correcting higher in today's trade after the sharp move lower yesterday following a hawkish cut from the Federal Reserve.
The price moved to a natural low support at 0.6200 (the low reached 0.61983) and bounced today standing at 0.62 €. That was slightly below the low of a swing range between 0.62698 and up to 0.6294. Within that area is the 38.2% of the move down from last Thursday's high that started the run to the downside after testing the 200 hour MA (green line on the chart below). That level now stands at 0.6286.
It would now take a move above the 0.62698 to 0.6294 to give more confidence to the buyers. Without that, and the correction higher today is just a minor correction in what is still a bearish bias.
