The AUDUSD is higher on the day and over the last six or so hours has been bumping against its near converged 200/100 hour moving averages.
Those moving averages come in at 0.7140 and 0.7143 respectively. The price high has reached 0.71401 so far today.
The last six trading hours has seen the price trade between 0.71257 and 0.7140. Buyers and sellers are battling it out, but so far sellers leaning against the moving averages, have been able to keep a lid on the pair.
PS the London and New York session high price yesterday stalled near the recent lows at 0.7127.
Going forward, the six or so hour range is tightening the spring for a potential pop on a break (higher or lower).
Move above the 100 hour moving average at 0.7143 and traders will look toward 0.7156 followed by a swing area between 0.71721 and 0.7186.
A move below 0.7125 and it opens up the door for further downside on the failure on the test of the moving average levels.
