The AUDUSD ping-pongs this week between pattern strains in risky up and down value motion

The AUDUSD has been ping-ponging this week in risky up and down buying and selling. Wanting on the chart beneath, the worth motion initially was to the draw back. Assist held in opposition to a upwards open trendline.

The transfer again to the upside – helped by the FOMC price choice – prolonged to a downward sloping trendline the place sellers leaned. The value began to maneuver again to the draw back.

That transfer noticed the pair prolong beneath transferring common ranges to a low at this time that retested the upward sloping trendline as soon as once more. Assist consumers got here in for the second time this week in opposition to the trendline.

Going ahead, the ping-ponging between the trendlines present the roadmap for consumers and sellers. Keep above the decrease upward sloping trendline retains the consumers in play. Transfer beneath that trendline will increase the bearish bias.

Conversely, transferring again as much as the upper downward sloping trendline provides sellers a possibility to lean as soon as once more. If the worth had been to maneuver above the highest aspect downward sloping trendline, that might enhance the bullish bias.

In between these trendlines are the cluster of transferring averages together with the 200-bar transferring common on the 4-hour chart at 0.6544, the 200-day transferring common of 0.6554. The 100-bar transferring common on the 4-hour chart at 0.65627, and the 100-day transferring common at 0.65858.