AUDUSD stays in the upper portion of the range

Technical Analysis

Author: Greg Michalowski | audusd

Holds support near 0.7488 and 100 hour MA at 0.73924

The AUDUSD has been mired in it's own up and down price action today. The Asian session saw an initial move to the upside, which then rotated back to the downside in the early European session before moving back higher that is North American traders entered. 

Holds support near 0.7488 and 100 hour MA at 0.73924
Technically, of significance is that at the lows, the pair found support buyers near the 0.74878 swing lows from yesterday's trade and the 100 hour moving average near 0.7492.  Support buyers near that level kept the price in the upper portion of the range since October 19 (see red box).  

Given the support over the last two days near that area, a move below, followed by a break of the 200 hour moving average would be required to increase the bearish bias. Absent that, and the tilt of the bias still is in the direction of the buyers.

On the topside, the swing high for the month of October reached 0.75457. Above that sits the 200 day moving average at 0.75578. 

Looking at the daily chart below the price has not traded above the 200 day moving average since July 6 (on a failed spike). The 200 day moving average also corresponds with the 50% midpoint of the 2021 trading range at 0.75561. Needless to say that level is important going forward for the AUDUSD.

AUDUSD on the daily chart

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