Extends the range for the month.
The range for the AUDUSD this month is 234 pips this month. That eclipses the lowest range for the year at 263 pips from June and would represent the lowest range going back to August 2014 when the markets were in the midst of the summer doldrums.
Today, the price looks set to close at the highest level since October 26th. The price is still just below the high for the month at 0.7249 but with an hour to go in the day, maybe that will be broken.
Technically, the price today is also moving away from the 100 day MA (at the 0.7206 level currently). On Friday the price closed above the 100 day MA. Yesterday, the price closed back below that key MA line. Today has seen more buying. That is bullish news for the pair going into the new day - technically speaking.
Fundamentally, the story may be more bearish, with China weakness and commodity prices lower (although they did increase), but employment did surge earlier in the month. So traders need to keep an eye on the positive technicals.
