Climbing higher this week slows down.
The AUDUSD bottom Monday just before Friday’s low at 0.64016. The high price hit 0.66151 on Wednesday as stocks helped the overall tone. Today, the pair has been up and down, but more down as the stock markets have not been very cooperative. Gold and metals are also lower, which does not help the currency in general (falling gold – $ 25 or -1.47%).
Technically, the pair this week went above 100 days MA on Tuesday and after consolidating around the Tuesday level (see hourly chart above), rose, retested MA on Wednesday, before pushing higher on Thursday. It was a positive / bullish decision.
The pair spread above a swing area at 0.6560-69, but there have been a few waffles above and below that area today. The last 4 hours have stayed below the top of this swing area at 0.6569, but the price isn’t exactly lower either (see the yellow area).
The price consolidates between the trend lines on the hourly chart now in limbo. At some point, the “market” will push it up or down. Throw a coin.
Taking a wider look at the daily chart below, not only did the price move above the 100 day MA, but it also moved above and away from the 61.8% retracement to 0.64498. Bullish. The 200 day MA above (the green line at 0.66578 is just around a swing area at 0.66662 at 0.6684. This swing area was a nice and solid floor until it becomes a cap during the break below on February 20. March but it has not been close since this test.
It looks like a test will be in order at some point, but buyers will have to show that they want to go this route. These indices will come from the hourly graph.
So overall, the wink is long / shopping, but the hourly game plan (with 100 days MA the last bullish bastion on a bigger drop) must play out. The technical details on this graph are above some support, but it still needs that push. With an hour and a half at the close of trading, there may still be one of those short cuts in the pair.