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AUDUSD trades in a narrow up and down trading range today
The AUDUSD has been taking tiny steps to new lows this week. Looking at the hourly chart, the pair moved to a new 2022 low toward the end of the week last week. On Monday a new low was made at 0.6274. On Tuesday, that low was extended to 0.62467. Today a new low was made at 0.62363. Little steps but still lower levels as sellers remain in control.
The price currently trades at 0.6260.
Looking at the hourly chart, the pair remains comfortably below falling 100 hour moving average currently at 0.63310. Getting above the low from Mondays trade at 0.62744 followed by a move above the natural resistance at 0.6300 level would probably be the first step for recovery. The high price today reached 0.6288 so far in what has been up and down trading day in a relatively narrow trading range of 52 pips (the average over the last month of trading is around 100 pips).
Buyers still need to prove they belong in this game.
Ultimately, it would take not only a move above the 100 hour moving average, but also a move above the 38.2% retracement of the move down from last week’s high near 0.63548. That is also near the September 28 low price of 0.6363. Moving above those levels would open the door for a potential run toward the 200 hour moving average currently at 0.6484 and moving lower.
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