AUDUSD finds support/resistance
Pair is higher on the day, but runs into resistance.
The AUDUSD surged on the back of the prepared text by Fed Chair Powell.
The move higher took the price from 0.6923 area to a high of 0.6967. At the high, the price did move above the 38.2% of the move down from the July 4 and the 100 bar MA on the 4-hour chart at 0.6962 area. However, it stalled at a topside trend line near the high at 0.6967.
If the pair is going higher, getting above that area and then the 100 hour MA at 0.69703 will give buyers more confidence going forward (has to stay above).
ON the downside, the correction off the high, found support at hte 0.69498 level. The price dipped a pip or two below that MA, but for the most part, the MA stalled the fall.
So traders have defined support. It has defined resistance. It will take a shove above resistance or below support to get the market traders more excited. Until then, the high/low levels are the trading range.