100 hour MA above/50% below
A little bit of buying. A little bit of selling. Both a fairly predictable levels.
The AUDUSD on Monday overshot the 50% retracement of the move up from the July 27 low but only by a few pips. Today, the low found buyers right at the level (at 0.75876).
Yesterday, the rally extended above the 100 hour MA but failed on two separate breaks. Not good but that's trading. Today, the two highs stalled right at the MA line (blue line in the chart above).
So support held. Resistance held. Add the 0.7597 level to the key levels in play as it has been swing lows from August 5th, August 8th and August 19th. Today, the last low just bounced off that level. From 0.7597 to the 100 hour MA at 0.7627 is about 30 pips and getting mover confined. From the 50% at 0.7587 the extremes are 40 pips. We trade in between currently.
Traders can lean against an extreme and hope there is another move away and then break OR play for the break and run. Trading in the middle of the yellow range is more of a coin flip - do you like it? Or not like it? There is a bit of something for everyone.
There is no releases scheduled for the new day.
