AUDUSD holds positive factors above midpoint, consolidation continues

The AUDUSD has consolidated the positive factors from yesterday which noticed the pair transfer away from the 50% midpoint of the 2023 buying and selling vary. That midpoint degree is available in at 0.67134. The excessive yesterday prolonged to 0.6774. The excessive worth at this time prolonged to 0.67785 to a brand new 4+ month excessive however solely barely.

The low for the day reached 0.6748 for a low-to-high buying and selling vary of solely 31 pips. That’s lower than half of the traditional vary during the last month of about 64 pips.

For sure, there may be not loads occurring. Nonetheless, the sellers should not precisely “winning” over the management both.

What would shift the bias and result in extra draw back corrective probing for merchants?

Wanting on the hourly chart under, a transfer under the rising 100-hour MA at 0.67266 would probably be wanted to present sellers extra confidence and result in extra draw back probing. On a break decrease, there may be not quite a lot of assist forward of 0.66816 to 0.66896. That space is residence swing ranges (see blue numbered circles) and the 38.2% of the transfer up from the December low (the December buying and selling vary).

Absent a transfer under the 100 hour MA and the consumers stay the dominant from a technical perspective.