Prices are trading at their highest since September 7
AUDUSD rose today despite a slightly weaker than expected employment report in Australia. The pair’s price fell after the report, but found support in an oscillating area between 0.73685 and 0.7375. The low price reached 0.73727 before starting to return to the upside.
This move saw the price move back above an upper channel trendline and also an oscillation level near 0.74095 and the 100 day moving average at 0.74134,
The high price stalled at 0.74259 which was close to a swing zone going back to September 6th.
The price is currently trading above its 100 day moving average giving buyers more control, but there have been some ups and downs around the moving average level as traders digest the move at the rise. This move has now seen the price move around 260 pips in 11 trading days (from late September low). The decline from the September high totaled around 308 pips.
A return below the 0.7400 level would likely disappoint intraday buyers at least. But there should be good support near Tuesday’s high at 0.7384