The AUDUSD sets up between levels on the daily chart
The AUDUSD moved sharply higher yesterday breaking above a swing era between 0.6628 and 0.68597. The high price reached 0.68928. That was short of the falling 200 day moving average. There moving average currently comes in at 0.69012. Just above that is the 50% midpoint of the 2022 trading range at 0.69151.
Both those levels will be key barometers through the FOMC rate decision. Move above would be more bullish.
On the downside, today’s low extended below the low of the swing area (see red numbered circles) at 0.68284. The low price reached 0.68206, but could not sustain momentum below that level. The 0.68284 down to 0.68206 would be a bearish tilt for the peer through the FOMC rate decision
Drilling to the hourly chart, ahead of the 0.6828 area is the high from December 5 at 0.68504. The price moved below that level in the Asian session but after the rebound back above, the level did hold support in the London morning session. For traders, that level will be eyed in the short term now.
On a break below 0.6828, the 38.2% of the move up from the December 7 low comes in at 0.6807 and below that the rising 100 hour mA at 0.67829 would be eyed. The 200 hour MA is muddling higher at 0.6766 currently.
AUDUSD stays near highs after dip quickly reversed.