30 pip trading range today
The AUDUSD is mired in a narrow 30 pip trading range today. The normal over the last 22 trading days (around a month of trading) is 59 pips. The range is half of what is normal....so far at least. Putting it another way, there is room to roam on an extension.
Technically, looking at the hourly chart above, the pair is being confined by a topside trend line currently at 0.7138. Get above that trend line, and traders will still have a swing area between 0.7143 and 0.71492 maneuver through, followed by the high price from last week at 0.71575
On the downside the 100 hour moving average currently at 0.7119 is providing the support. Yesterday the price tested that 100 hour moving average as well and found support buyers. On the downside, the 100 day moving average at 0.7108 and the 200 hour moving average 0.70968 are also levels that would need to be broken if the bears are to take more control from a technical perspective.
Traders looking for the next shove with momentum. They are also unsure of the next directional move as long as a trade within the confines of support and resistance.
A break may be dependent on what happens in the equity market. The S&P and NASDAQ index are negative. The NASDAQ index moved back toward unchanged on an intraday correction but has since rebounded and currently trades up 55 points or 0.49%.
