Price action is waffling up and down in the NY session
The AUDUSD is higher on the day, but short of the highs from yesterday after the quick run higher on the back of the 25 BP cut from the RBA (fully priced in), and the greater 50 bp cut by the Fed. The run higher in the the pair, did scoot above the 100 bar MA on the 4-hour chart, but only briefly (that MA is at 0.66336 currently).
Today, the pair started near the session lows and stalled above the 200 hour MA (green line at 0.65732). The run higher reached above an old swing area in the 0.66187 to 0.66233, but below the 61.8% at 0.66286 and the falling 100 bar MA at 0.66336. The NY session has waffled up and down in a 24 or so pip range below those ceiling resistance area.
If the price is to go higher, get above the 61.8% and the 100 bar MA on the 4-hour chart (and stay above).
Where do buywea/bull not want to the price to go below?
I would use the 0.65846-0.65912 area. The 0.65912 is home to the 50% retracement (from the Feb 12 high). It is also near a lower trend line. The 0.65846 is a lower swing level going back in time (see red numbered circles).
