The AUDUSD continues to fluctuate in up and down trading within the confines of a narrow trading range.
The pair has been trading between 0.74497 and 0.75394 since March 22 (about 7 days of trading). The high price from yesterday stalled near the highs from March 25 and March 28 (see green numbered circles). The low price today stalled ahead of the lower extreme between 0.74497 and 0.7455.
Between the extremes sits the 100 and 200 hour moving averages (blue and green lines in the chart above. The price is currently testing its higher 100 hour moving average at 0.75042. The 200 hour moving average is at 0.74818 currently.
The price action today saw moves above the 100 hour moving average in the Asian session, and moved below the 200 hour moving average in the London/European session, but momentum could not be sustained on either break.
With the price currently trading at 0.7491, between the moving averages, the buyers and sellers await the next shove and momentum move. Move above the 100 hour moving average should have traders looking toward the swing highs up to 0.7539, while a move below the 200 hour moving average should see targets toward 0.7465 and then the swing area down to 0.74497.
Absent a break with momentum, the battle continues with the moving averages as lines in the sand for buyers and sellers..
