AUDUSD trades to a new session high

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 is trading to a new session high and in the process is looking toward the swing hi from yesterday's trade 0.6410. There is a swing area between that level and 0.64159 to get to and through if the buyers are to take the next steps. A move above would then target the 0.64318 level. Above that is the 38.2% retracement of the move down from the September high at 0.64545.

Looking at the hourly chart, the low price today based against its 100 hour moving average currently at 0.6303. Stay above that level was a bullish tilt. The price is also above its 200 hour moving average which currently has at 0.62925 (green line in the chart above)

The trading range at the start of the New York session was only 46 pips. That was very narrow compared to the 22 day average of 115 pips.

However staying above that 100 hour moving average, and the overall dollar selling has now more than doubled the trading range to 112 pips. That range is just below the 115 pip Pip In forex markets, a pip is a percentage in point or price interest point (pip), reflecting a unit of change in an exchange rate. Major currency pairs are traditionally priced to four decimal places – a pip is one unit of the fourth decimal point, or 1/100 of a cent. The exception in this case is the Japanese yen, in which a pip is one unit of the second decimal point. Pips adhere to a rate of change that may be related to a value change in a position of specific currency rates. Forex is traded In forex markets, a pip is a percentage in point or price interest point (pip), reflecting a unit of change in an exchange rate. Major currency pairs are traditionally priced to four decimal places – a pip is one unit of the fourth decimal point, or 1/100 of a cent. The exception in this case is the Japanese yen, in which a pip is one unit of the second decimal point. Pips adhere to a rate of change that may be related to a value change in a position of specific currency rates. Forex is traded Read this Term average over the last 22 trading days.

Close support now comes in near 0.63899. That is near the high of the swing area between 0.6363 and 0.63899 (see green numbered circles in the chart above).

Key fundamentals:

The Australian CPI will be released at 8:30 PM ET tonight. The expectations are for the QoQ to come in at 1.6% vs 1.8% last. The next rate decision will be on October 31(November 1 in Australia).