Wage data out of Australia failed to push the pair outside the range
Out of Australia, the wage data today came out spot on expectations at +0.6% QoQ and +2.3% YoY. The data failed to ignite any movement and as a result, the pairs action has been contained.
Looking at the hourly chart, the price is contained between the 200 hour MA below and the 100 hour MA above (at 0.7111 and 0.7088 respectively). The low MA line was tested. The higher MA line was tested. Each found in traders willing to lean against them - for now at least.
Eventually, the price will get a shove above or below a line and traders will then look for the break and run. Get it and there is room for a trend move. Fail and traders will go back to the drawing board and look for some other technical clues.
On the topside a move above the 100 hour MA will look toward the topside trend line as the next key level to get to and through.
On the downside, teh 0.7070-77 area will be eyed. Get below and stay below, will increase the bearishness.
Right now, it is wait and see time.
