AUDUSD trades up and down
Yesterday within the Asia/Pacific session, the worth of the AUDUSD moved greater after the Aussie CPI information got here in a contact greater than expectations at 3.5% versus 3.4% (YoY). That took the worth of the AUDUSD above the excessive worth from July and earlier this week at 0.67978.
Nonetheless after reaching 0.6812 on the momentum from the break,, however falling wanting the following goal at 0.6818 (61.8% retracement of the transfer down from the 2023 excessive to the 2023 low), patrons turned to sellers, and pushed the worth again beneath the 0.6798 stage. The break failed.
Because the buying and selling day progressed yesterday, the worth wandered to the draw back reaching a low of 0.67638. That was simply wanting the 0.67604 swing stage goal which was a swing excessive going again to July, a swing excessive going again to August, and a swing low from earlier this. Week (see pink numbered circles).
For those who watched my movies on Tuesday and Wednesday, the technical story was get beneath 0.6760, or get above 0.67978.
That’s the identical story for right now (wash, rinse, and repeat).
In some unspecified time in the future, there’s going to be a break once more, and it will not be just like the one we noticed yesterday the place it breaks and shortly reverses. So the affected person. Remember. And search for the following break with momentum.
