If the price action in the AUDUSD was a heartbeat today, it would be in a hibernation state. The up and down range is only 27 pips. That is well short of the 70 pip average over the last 22-days (about a month of trading).
Looking at the hourly chart, the high stalled near the sideways 200-day MA (at 0.66911), and has been trading above and below the 50% midpoint of the move up from the May 31 low. That comes in at 0.66785. The price over the last 4 hours has slowed the heartbeat even more with a low of 0.6673 and a high of 0.6682. That ain’t a lot.
The good news is that won’t last.
Overall, the sellers are more in control, being below the 200-day MA. It would take a move above that MA and the 100-day MA at 0.6711 to give buyers more control.
On the downside, the low from Friday at 0.6662 is the next target followed by a swing area between 0.6637 and 0.6643. Below that is a 61.8% retracement of the move up from the May 31 low.
This article was written by Greg Michalowski at www.forexlive.com. Source