AUDUSD bounces as panel discussion does not stir the markets worries

The AUDUSD AUD/USD The AUD/USD is the currency pair encompassing the Australian dollar of the Commonwealth of Australia (symbol $, code AUD), and the dollar of the United States of America (symbol $, code USD). The pair’s rate indicates how many US dollars are needed in order to purchase one Australian dollar. For example, when the AUD/USD is trading at 0.7500, it means 1 Australian dollar is equivalent to 0.75 US dollars. The Australian dollar (AUD) is the world’s fifth most traded currency, whilst the US Dollar The AUD/USD is the currency pair encompassing the Australian dollar of the Commonwealth of Australia (symbol $, code AUD), and the dollar of the United States of America (symbol $, code USD). The pair’s rate indicates how many US dollars are needed in order to purchase one Australian dollar. For example, when the AUD/USD is trading at 0.7500, it means 1 Australian dollar is equivalent to 0.75 US dollars. The Australian dollar (AUD) is the world’s fifth most traded currency, whilst the US Dollar Read this Term corrected lower today after two days of gains following the US jobs report. Anticipation of Powell panel discussions perhaps?

The price moved back below a swing area between 0.68808 and 68908 but stalled near the 38.2% of the move up from the Friday low and also comfortably above the rising 100 hour MA at 0.6848. The low reached 0.6859 before bouncing. When the headlines read that Powell would not talk about monetary policy, the sellers turned to buyers.

The price is back above the December/early January highs from 0.68808 to 0.68908. That area will be a short term barometer for the day.

Without any fireworks from Powell, the markets will likely settle into the "wait until the CPI" mode. That data will be released on Thursday with focus now on service CPI ex housing (thanks to Fed's Daly).

Yes, there will be some movement. Stocks. Yields. Hopes. Flows will tilt the prices. For the AUDUSD watch 0.68808 on the downside. Move below and the other aforementioned levels will be eyed. ON the topside, the high from today and yesterday are the obvious targets now.