AUDUSD made a late push larger towards the shut of the day yesterday, and within the course of moved above the 50% retracement of the 2022 buying and selling vary at 0.71405 – however solely by just a few pips. The value additionally moved away from the 100 hour MA (blue line presently at 0.71245) after buying and selling above and beneath within the Asian and early NY session (however momentum pale pretty shortly).
Though the break above the 50% was solely by just a few pips, it was adequate for the patrons who – after just a few hours within the Asian session – pushed the pair larger towards the subsequent goal on the excessive from final week at 0.71679 (see submit from late yesterday HERE). A corrective transfer ensued, however the midpoint stage held (the low reached 0.71446), and the worth was off to the upside once more.
The excessive right now ended up surpassing the 61.8% goal at 0.7181 reaching a excessive of 0.7194. The value has been buying and selling above and beneath the 61.8% over the past 8 buying and selling hours.
The pair is up for 3 consecutive days. Just like the 50% yesterday, it will be the very best case state of affairs if the shopping for can maintain close to 61.8% and take the subsequent steps to the upside. I see the 0.72048 to 0.72138 as a goal, adopted by the 100 day MA at 0.72478.
On a dip, shut help will are available close to the excessive from final week and excessive from earlier right now at 0.71679. Keep above, retains the patrons in agency management and the development transfer going.
Drilling to the 5 minute chart beneath, word the corrective transfer of the excessive from final week at 0.7167 space, stalled close to the rising 200 bar MA and the 38.2% of the development transfer larger.
The subsequent leg larger off the .7146 stage moved above the 100 bar MA, stayed above it and launched larger.
The previous few hours has seen the worth consolidate and in course of, commerce above and beneath the 100 bar MA (blue line at 0.71819 – and shifting larger). Nevertheless, the worth stays properly above the 38.2% that fifty% retracement space between 0.7175 at 0.7169, and likewise whereas above the rising 200 bar shifting common at 0.7172 presently.
If the development is to proceed, staying above these ranges (the 50% can also be close to the 0.7167 stage from the hourly chart), would maintain the patrons nonetheless in play and in management. Transfer beneath and all bets are off. I’d count on extra draw back probing on the failure to remain above final week’s excessive and the opposite aforementioned technical ranges.
There are some pairs that may’t get out of the best way this week, and proceed to commerce in a slender vary (
EURUSD , USDCHF are two examples).
The AUDUSD on the otherhand, just isn’t a kind of pairs this week. Because of this, merchants are “making hay” in that pair this week, and can proceed to take action so long as the market permits it.
Falling beneath the 0.7167 could be wanted to cease the hay making on this pair.