AUDUSD trades up and down today
The AUDUSD is trading in a non-trending up and down trading range as the week moves toward a close.
The low for the week was reached on Monday. On that day, the pair moved below a swing area between 0.6909 and 0.6925. The momentum took the pair below another swing area at 0.68706 on it’s way to a low at 0.6855 before snapping back to the upside.
The subsequent move to the upside found resistance at another swing area between 0.6983 to 0.6993.
Ultimately, the high for the week moved to the 200 hour MA and the 50% of the move down from the February 2 high. That key resistance level came in at 0.7006. The high for the week reached 0.70106 and sellers returned (yesterday).
Looking at the hourly chart, today’s price action has been able to stay below the broken trend line which has kept the sellers more in control.
Having said that, on the downside, the lows have been stalling in the aforementioned swing area between 0.69093 to 0.69251.
Going forward, moving below the 0.69093 – and stay below – would increase the bearish tilt. Below that level, the price would be trading in the lower extreme seen since January 13. The market will then target 0.6670 and the low for the week at 0.6855.
On the topside, hold the 0.69093 level now and the 100 hour MA at 0.6937 would be the next target to get to and through.
Fundamentally, both the US and Australia have central banks still concerned about inflation and wondering which way things will go. The US will release CPI on Tuesday next week. Key economic release in the US. In Australia, they will release their employment statistics on Wednesday evening in the US/Thursday morning in Australia.
In a data driven market, both will be key for this currency pair.