AUDUSD trades to a new session high | Forexlive

The AUDUSD is trading to a new session high and in the process is looking toward the swing hi from yesterday’s trade 0.6410. There is a swing area between that level and 0.64159 to get to and through if the buyers are to take the next steps. A move above would then target the 0.64318 level. Above that is the 38.2% retracement of the move down from the September high at 0.64545.

Looking at the hourly chart, the low price today based against its 100 hour moving average currently at 0.6303. Stay above that level was a bullish tilt. The price is also above its 200 hour moving average which currently has at 0.62925 (green line in the chart above)

The trading range at the start of the New York session was only 46 pips. That was very narrow compared to the 22 day average of 115 pips.

However staying above that 100 hour moving average, and the overall dollar selling has now more than doubled the trading range to 112 pips. That range is just below the 115 pip average over the last 22 trading days.

Close support now comes in near 0.63899. That is near the high of the swing area between 0.6363 and 0.63899 (see green numbered circles in the chart above).

Key fundamentals:

The Australian CPI will be released at 8:30 PM ET tonight. The expectations are for the QoQ to come in at 1.6% vs 1.8% last. The next rate decision will be on October 31(November 1 in Australia).