AUDUSD back between the 100 and 200 hour MAs. Waffle continues.

Technical Analysis

Author: Greg Michalowski | audusd

Apart from that, the pair is going up and down

The Australian employment report came out and indeed it was mixed. The jobs were a little better. The Unemployment rate went up.  The price tested the 200 hour MA (green line) in the Asian session found support buyers. The price moved above the 100 hour MA (blue line - currently at 0.75176) and peaked at 0.7548 - short of swing highs from last Friday/Monday.   

The price has come back down to 100 and 200 hour.  The 100 hour MA is at 0.75176. The 200 hour MA is at 0.7502. We trade between.  The "market" is unsure.

Taking a broader view of the price action, let's face it, the pair is waffling back and forth.  There is a Red Box from 0.7411 to 0.7567. The midpoint is 0.7488. In between, there is a double bottom this week at 0.7448 area.  On the topside, there is an large option expire at 0.7548 on Monday (see Eamonn's post here).   That is where the top came in today.  

If you are trading this pair, you gotta pick a level like the 0.7548 or 0.7448 or perhaps the MAs, trade on a test or break, and hope "the market' agrees. If it does, ride it to a target and think about getting out (or look for the break). If "the market" does not agree, get out.  

At some point, there will be a break and run, but in the meantime, you have to be patient trade the levels and the price action against those levels. 


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