AUDUSD is riding the downtrend of the dollar today and in the process has moved above the 50% midpoint of the 2023 trading range. This level is 0.68073. The price is currently trading at 0.6859 at the highs of the day.

Drilling into the hourly chart, the price is testing the upper channel trend line at the highs. If sellers support the level and then pull back below yesterday’s high at 0.6835, we could see a rotation back to the 50% level. Conversely, if the price moves above the upper trendline, buyers are in full control.