Pair trades higher as US stocks trade mixed
The AUDUSD moved lower in the early European session and in the process tested and dipped below the swing area since July 3 between 0.69219 and 0.69252. The low for the day reached 0.69207.
However, that break failed and the price has moved higher away from that low extreme area.
Now the move higher has been choppy (like the stock market today) but the current hourly bar has traded to a new day high (to 0.69713). It has also moved back above the 100 and 200 hour MAs (blue and green lines at 0.69605 and 0.69533 respectively).
On the topside, the highs over the last 7 trading days have peaked in the 0.69946 to 0.70004 area (see red numbered circles).
The midpoint of the 7 day up and down range is right at the 100 hour MA at 0.69605. The current price is above it and the 100/200 hour MAs giving a more bullish bias. It will take a move back below those levels now to swing the bias back to the downside. With stocks all over the place, anything can happen in this pair which tends to go with the "risk on/risk off" flows.
