The AUDUSD has seen up and down volatility today.
At the start of the day, the price moved lower and back below the 200 day MA at 0.7322. Yesterday, the price closed just above that moving average level.
However, after stalling right around natural support at 0.7300, the price moved back higher and extended up to highest level since November 2021 at 0.7374. Looking at the 4 hour chart above, the price stalled just above the swing high going back to November 15 at 0.73698.
Sellers entered and pushed the price back below its 200 day moving average with the low stalling 0.73128, but buyers once again have pushed the price higher. The price is now back at 0.7371 and retests the Nov 15 high and the high for the day at 0.7374. Get above, and traders will next look to target the 0.7411 to 0.74305. That area corresponds with swing lows and highs going back to November 3 to November 9.
Key target near 0.7370 area. Key break away from the 200 day MA at 0.7322. Both levels are important for buyers and sellers. The 0.7370 area needs to be broken to increase the bullish bias. Absent that, the 200 day MA with moves above and below over the last 24 hours needs to remain broken to the upside to now keep the buyers happy. If the price moves back below, we should see buyers give up and further downside p himrobing.