Lots of ups and downs today.  

The AUDUSD has down a lot of ups and downs in trading today.

The price action took the pair lower in the early European session only to find support buying just ahead of a lower trend line.  That trend line (see green numbered circles) currently comes in at 0.7149 (and moving higher.  

The run back to the highs for the day reached up toward the 200 hour MA (green line currently at 0.71887) and found sellers.  Above that MA sits a downward sloping trend line at 0.7193 (and moving lower).  

In between sits the 100 hour MA at 0.71768. That technical level is being ignored as traders instead focus on the extremes of the non-trending range. 

At some point, there will be a fundamental/technical push whether it be risk-on or risk-off flows or USD buying or selling.  For now, the traders are just waiting and keeping an eye at the trend line (and 200 hour MA) extremes.  It’ll come. There will be a break and run at some time soon.  

For bank trade ideas, check out eFX Plus

Source link