A week full of ups and downs
The AUDUSD is moving back lower in what is a continuation of the choppy ups and downs seen in trading this week (and going back to September 9).
The highs for the week were on Tuesday and Wednesday between 0.7337 and 0.7344. The low for the week was on Thursday at 0.7253. That low was between lows from September 10 and September 11 between 0.72465 and 0.72583.
Today, the price moved higher in the Asian session to 0.7333 that was just short of the extreme high area between 0.7337 and 0.7344.
Later an intraday ceiling (see green numbered circles) stalled the highs (including the current hourly bar).
The price has moved back below the 100 hour MA at 0.7305 and trades between it and the 200 hour MA below at 0.7284.
Admittedly, the market price action has made mince meat of the MAs this week, especially the 100 hour MA (blue line). That is due to the non-trending up and down price action seen in the pair going back to September 9. The range over those 7+ days is less than 100 pips. That is not a lot and is indicative of a market that does not know which way to run in the pair.
If you created support and resistance bands, the topside is between 0.7324 and 0.7344. The downside band is between 0.7246 and 0.7258. Going forward, the pair will make a move outside that range. In the meantime, traders seem to be content to trade the extremes and chop in the middle.
