Forex technical analysis: AUDUSD back to where it all started yesterday
Sorry, but there is a lot of ups and downs in the market
The AUDUSD is another currency pair with the ups and downs.
Yesterday, it tumbled lower. A downside catalyst was the move below the 200 hour MA, 100 hour and the 100 bar MA on the 4-hour chart.
Today, the price has trended back higher and just reached the lowest of those same MAs. Today it starts with the 100 hour MA at 0.79838. Above that is the 100 bar MA on the 4-hour chart and the 200 hour MA at 0.7993 and 0.79953 respectively.
The pair has a range of 78 pips. The 22 day average is 72 pips. The market is stalling and running out of steam near what is the average range. The markets internal clock told it to take profit/sell against the level. Is that it for the rally?
Looking at the 5 minute chart below, keep an eye on the 100 bar MA (blue line). It lines up with an intraday trend line. Find support against the level and there is a shot for an extension to test the other MA targets on the hourly chart. Move below, and there may be more going into the weekend selling.