The AUDUSD has traded modestly higher on the day but has chopped around in a narrow trading range of about 30 pips. The 20 today average is around 70 pips. There is room to roam.
Technically, the last swing lows have found support ahead of its 100 hour moving average currently at 0.77475 (blue line) and 200 hour moving average currently at 0.77540 (green line). It will take a move below each now to tilt the technical bias more to the downside in the short term.
The move to the topside today stalled ahead of the highs from last Thursday and Friday near 0.77817. That is the low of the swing area that extends up to 0.77916, and includes the 50% midpoint of the May trading range at 0.77896. So although the bias is a little more tilted to the upside (above the aforementioned moving averages), the inability to extend toward the and week highs, gives bullish traders some cause for concern.
For now though, I still tilt the bias more and in the favour of the buyers ahead of the moving averages.
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