Buyers leaned on the dip today.
The AUDUSD is back near unchanged on the day after the earlier dip found support buyers near the 100 hour MA (blue line in the chart below). The price tested that moving average line on 2 separate occasions. Each time there was a modest 1-3 pip dip below, but selling momentum dried up and the price rose.
On the topside, traders seem to be respecting the old trendline that connected highs from November 27 and December 3, then became a support on December 14. Today, in the Asian session, the price traded above and below the trendline before falling to the session lows. The rebound is so far staying below that line currently at 0.75415. A move above should be more bullish lease intraday.
Like a number of pairs, the low to high trading range for the AUDUSD is only 39 pips today. The 22 day average (around a month of trading) is 58. So there is room to extend should there be a break.
