AUDUSD retests month low and bounces
The price of the AUDUSD trades mid range in the up and down day
The AUDUSD traded to a new low yesterday for the month of November, closing at the lowest level since October 1 (the close yesterday came in at 0.7264). Today, the low price extended down to a new low going back to early October at 0.72488. That took out the low from yesterday at 0.72509, but only by a couple pips before rebounding back to the upside.
The last few hours has seen the price move back up and back above last week’s low price at 0.7276. The current price is just below that level at 0.7272.
The failures to new lows today is a disappointment, but the price remains mid range between the high at 0.72925 in the low at 0.72488. Buyers may be making a play off the failed new lows for November, but they have work to do.
On the topside, it would take a move to new highs for the day above 0.7292 followed by a move above the 100 hour moving average at 0.731092 give the buyers more confidence. Recall from Monday and Tuesday’s trade, the price stalled ahead of its 200 hour moving average. That moving average (green line in the chart above) is lower now at 0.7331, so it is a easier hurdle.
Getting above that level would then target the 100 day moving average at 0.7358. That moving average was near the falling 200 hour moving average on Monday and Tuesday.