Buyers into the London fixing
The AUDUSD is running higher and in the process has cracked above its 100 and 200 hour moving averages at 0.68705 and 0.68803 respectively (blue and green lines). The price has also moved above the 38.2% retracement at 0.68863,and has tested the high price from yesterday at 0.68990. The 200 hour moving average and 100 hour moving average are now risk levels for buyers/bulls. Stay above keeps the buyers more in control.
On the topside the high price from Friday at 0.68944, followed by the 50% retracement of the move down from last week's high to the low today at 0.6903 are targets that still need to be broken.
Overall, the AUDUSD has been in a choppy up and down range since mid June. The last 4 days have been particularly confined with a range of only 62 pips. That could lead to a more trend-like market (Non-trending transitions to trending). Extending above the high from Friday would increase the four-day trading range. Getting above the 50% retracement level would add to that bullish story and could ignite a more trend-like rise.
