…100 hour MA and lower swing area hold support though
This week, the price non-trended in an up and down range on Monday and into Tuesday. At the lows of the up and down trading, the pair held trend line support – the last time at 1.1874. That proved to be the clue needed for traders to push the price higher in the NY session on Tuesday.
The run to the upside was able to extend above a swing high going back to March 22 on Wednesday at around 1.1948, and the high extended to another swing area between 1.1987 to 1.19907. That area has given the buyers some cause for pause. The high price reached 1.19928 yesterday and 1.19943 today, but could not muster the momentum to take the price above the key 1.2000 level. The pair has backed off and trades at 1.1984 currently.
The 100 hour moving average and swing level near 1.1948 is a key support level on the downside the highs, swing level and 1.2000 level remains key resistance (basically in the 1.1990 to 1.2000 area. In between since the 50% retracement of the move down from the Feb 25 high at 1.19729. Admittedly, the price has chopped above and below the level as traders focus on the swing levels instead. Nevertheless, intraday it might be level to a high for support if the buyers are to remain in firm control. Keep an eye at that level.
The EURUSD had a non-trend component to it's trading pattern this week. That non trending up and down chop often leads to a break. The AUDUSD had a near 15-16 day period that saw the price stay mostly in a 87 pip range into this week before breaking higher and trending. I created a new video outlining the mindset of non-trend to trend. Give me 9 minutes and I can help change your mindset.