Price action is choppy but higher
The AUDUSD has chopped higher today and trades nearer the high, but off the high.
Looking at the hourly chart, you can see the "downs" in the up day. Note, however, that each of the dips, found support at the rising 100 hour MA (blue line). That tells you the buyers are leaning against the level, and the sellers cannot muster the needed support to take back control.
With three tests, it will take a break of the level (and stay below), to swing the bias more to the downside.
On the topside, the high from yesterday was able to inch above the 0.7000 level, but stalled shortly thereafter at 0.70067. That was the highest level since May 10th. The 50% midpoint of the years trading range (from the flash crash low) comes in at 0.70178, and would be a target on more upside momentum.
