AUDUSD pushed higher today after higher-than-expected CPI data, putting the kabosh on a rate cut soon. However, after racing towards the 200-day MA and the 200-bar MA on the 4-hour chart near 0.6330, buyers turned to sellers and corrected gains.
The ensuing fall took the price towards an oscillating zone between 0.64769 and 0.64864. The low price stopped just before the top of this swing zone. If this level can hold support and price can move back above its 50% midpoint of the April trading range and its 100-bar moving average on the 4-hour chart at 0.6521, buyers can resume their run towards – and potentially up to – the 200-day moving average.
The video above outlines the key levels and explains the risks and goals ahead.
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