AUDUSD stays above the swing area

The AUDUSD has seen gains today, with the price increasing during the Asian session following stronger employment data, which helped maintain an upward bias. The rise in stocks may have also provided a tailwind from a risk-on perspective. However, the market has experienced significant fluctuations within a relatively narrow range for most of the day, with a low of 0.6629 and a high of 0.66674. The low managed to stay above the base of a swing area between 0.6628 and 0.66399 (see green number circles in the chart above).

Moving forward, if the price remains above 0.6638, the bias will stay positive. For a stronger bullish case, it would be ideal for the price to climb back above the 100-hour moving average (blue line in the chart above) at 0.66487. The price has surpassed this moving average line several times today, suggesting that buyers had their chance. Nonetheless, the 200-hour moving average and the base of the swing area are attempting to provide support as well. As a result, buyers and sellers are engaged in a tug-of-war, and the price remains higher on the day.