Highs are lower and short of topside trend line target
The AUDUSD has move back lower as traders find the upside to be a struggle. The last 3-4 highs has been lower than the previous and also below a downward sloping trendline going back to January 22 on the hourly chart.
The more bullish news is that yesterday the price spiked above its 200 hour moving average (green line) for the 1st time since January 17, and has remained above that moving average level (currently at 0.67329). Stay above gives the buyers some comfort, but the upside momentum is a concern.
So the pair as traders battling between the 200 hour moving average below and the topside trend line above (at 0.6763 currently and moving lower) with at least some reasons to be happy with each position technically. Traders can lean against the level they prefer and hope for a break in the direction of the trade, or before break with momentum in the direction of the break.
Yesterday the Reserve Bank of Australia kept rates unchanged and that helped to push the pair higher. However concern still remain for the trajectory of the economy given the recent fires and the coronavirus implications.
