AUDUSD remains in the confined range after support holds again...
The AUDUSD remains in 0.68246 to 0.68941 trading range
The AUDUSD sniffed its 100 day moving average last week (100 day moving average is currently at 0.6896). The high from last week reached 0.68941 (see the upper blue line in the chart below).
This week, the price action has seen more downside vs upside. However yesterday, the price bounced off of support at the 0.68246-0.68288 area and retraced the full decline. So there has been some upside too.
The high price for the pair near the close yesterday, and into the Asian session today found sellers near its 100 hour moving average (blue line in the chart above at 0.68624 currently). The subsequent fall in trading today moved right back to that support area from yesterday where the price bounced again. Deja vu? Perhaps.
The 0.6848 is the next target to get back above. If done, we could expect that a retest of the now converging 100 and 200 hour moving averages at the 0.6860 – 62 area would be logical from a technical perspective (deja vu).
To get more traders thinking about a full retrace of the 9 day range, it would take a move back above both those moving averages. Buyers would feel more empowered , while sellers would be more scared.
The range remains intact with the bounced off the support. The topside resistance against moving averages remains intact as well. Technical levels are clearly defined.