The AUDUSD is higher on the day, trading toward the middle of the trading range, above and below the 100 hour MA (blue line in the chart below) and above the 38.2% of the move up from the November 7th low. This gives the pair a more bullish bias, but with momentum low, there is a caveat that the tide can turn. So be aware.
AUDUSD is higher, above and below the 100 hour MA but not racing higher.
The low today did find support against trend line support (see green circles). The price also stayed above the 200 hour MA (green line). These help to give the bulls the bias.
Going forward, stay above the 38.2% is good for the buyers, but there will need to be some effort to break above the high for the day at some point. The high from yesterday, sandwiched by lower lows before and after, could turn the bullish trend formation, into a head and shoulder reversal formation. So be aware.
