151 pip trading range for the week
The AUDUSD is up about 14 or so pips on the week, in what has been a down and up trading range. The low for the week was on Tuesday at 0.62526. The high reached up to midpoint of the week comes in at 0.64033 from yesterday’s trading. The total range is 151 pips for the week. The midpoint comes n at 0.63279.
Technically, the pair is trading above the sideways moving 100 and 200 hour MAs at 0.63317 and 0.63409 respectively (current price is at 0.6373). Trading above those MAs is more positive/bullish. Also helping the bulls is
- the price is above the 50% midpoint for the week at 0.63279.
- The low today also stalled at a lower channel trend line (see green numbered circle 2)
- The low for the week did move below the 38.2% of the move up from April 3rd low, but only had one hourly bar close below that line before rebounding higher. The 38.2% is the minimum correction point for a trend move
- Finally, the low for the week based at the break away ceiling from April 9.
The not so bullish from the week, is that
- the high price reached yesterday took out the Monday high by 7 or so pips, but failed to extend above the 0.64077 next target.
- Also the high for the week was short of the April swing highs (up to 0.6444).
Overall, the bulls get the nod.
Going forward, the holding of the 100 and 200 hour MAs today will be risk for longs. Stay above is more bullish. Move below is more bearish.
On the topside, more bullish confidence will be had on a move above the swing area at 0.63966 to 0.64077. That should open the door for further upside momentum.