Tries to keep bearish bias in the AUDUSD
The AUDUSD has been waffling up and down in trading today. The low to high trading range is only 20 pips on the day. The 22 day average is 41 pips. So the range is 1/2 what is normal over the last month of trading. The price has been trading above and below an old floor area at the 0.6956 level. The market is unsure what to do now.
The most recent high in the NY session stalled at the 200 hour MA (green line currently at 0.6963). The price is also below the 50% retracement of the move up from the May 30 low at 0.69599. Stay below each keeps the sellers more in control/tlts the bias to the downside.
If the sellers are able to keep the the lid on the pair (stay below 200 hour MA), the 61.8% at 0.69453, and then the 0.6935-36 area (swing highs from May 28 and May 30) will be targeted.