The AUDUSD moved higher in the Asian Pacific trading, continuing the bounce from yesterday that saw the buyers lean near the 50% midpoint of the move up from the January low (at 0.6875) and the low of a swing area near 0.6869.
AUDUSD finds sellers near 100/200 hour MAs
The move higher today was able to extend above the 200 hour MA (green line) at 0.69398 but fell short of the 100 hour MA – not far ahead – at 0.6949 (blue line). The price also stalled within a swing area between 0.6940 and 0.69493 (see red numbered circles).
That area, and moving averages keep the sellers more in control. Stay below is more bearish.
On the downside, the wide swatch of support between 0.6869 to 0.6893 remains the downside target to get to and through with a solid floor at 0.6869. Of course the 50% midpoint is also in that area increasing the levels importance.
So the buyers and sellers have their range and key levels set. This week the price is lower on the week, after the run higher stalled and the price moved back below the MAs on Wednesday and Thursday.