The AUDUSD has key support between 0.7238 to 0.7245
The AUDUSD continues to waffle in an up and down range with most of the price action sicne November 5th between 0.7238 and 0.7300. There were two runs to the upside (on Monday and again yesterday) but the breaks failed.
In trading today, the pair's highs reached the topside swing area between 0.72888 to 0.7300 (see swing area with the green numbered circles). Seller leaned and the price moved back to the downside.
The move to the downside today reached the lower swing area between 0.7238 to 0.7245 (the low reached 0.7245 - see red numbered circles). Buyers have leaned against that area so far.
In between those two extremes sits the 100 hour MA (blue line at 0.72789). That MA was broken in the Asian session and the pair has been able to stay below the moving average level. Stay below that MA keeps the sellers more in control although the pair still remains contained by the "yellow" swing areas above and below.
Ultimately something has to give. If the sellers keep control and run below the lower swing line, the 200 hour MA at 0.72155 will be the next target.
If the buyers are able to squeeze back above the 100 hour MA, the 0.7300 area will be eyed as the next major hurdle. Get above that and traders will be looking toward the extremes.
For now, sellers hold the edge below the 100 hour MA.
