Lots of ups and downs today.
AUDUSD has dropped a lot of highs and lows in trading today.
Price action moved the pair lower early in the European session to find buy support just ahead of a lower trendline. This trendline (see green numbered circles) is currently at 0.7149 (and moving higher.
The return to the day’s highs hit the 200 hour MA (green line currently at 0.71887) and found sellers. Above this MA is a trendline sloping downward to 0.7193 (and moving lower).
In between is the 100 hour MA at 0.71768. This technical level is ignored as traders tend to focus on the extremes of the trendless range.
At some point there will be a fundamental / technical push, whether it is risk-free or risk-free flows or USD buying or selling. For now, traders are waiting and keeping an eye out for the extremes of the trendline (and the 200 hour MA). It will come. Soon there will be a break and a race.