Breaking back above swing area....
The AUDUSD corrected lower into the London morning session. However, after reaching the 100 hour moving average (blue line currently at 0.69734), the price bounced as buyers leaned against the moving average level.
The bounce has now taken the price back above a swing area defined by recent highs and lows. That area comes in between 0.69927 and 0.69967. The pair is currently trading around 0.7002. Stay above the swing area keeps the buyers more in control. A move back below would muddy the waters and keep the buyers and sellers both in play.
The next target would be the Asian session high for the day which came in at 0.7011. Above that is the high from yesterday at 0.70732.
Coming up the US business inventories for May which are expected to show a -2.3% decline after a -1.3% decline in April (this is old news) and the NAHB housing market index for July. That is expected to rise to 61 from 58 in June. At least it is more timely.
