Trading consolidates in the AUDUSD
The AUDUSD has wandered up and down in trading today. The early move at the start of the session stalled at the 100 hour MA, the price moved through the high from yesterday to 0.6794, but stayed well below the highs for the week (at 0.6808 and 0.6817). The failure to extend above the high has now led to wander back toward the 100 and 200 hour MAs at 0.6770-73 area.
The range is narrow at 25 pips. So traders should see an extension (the average is 53 over the last month of trading). However, unless the markets get unsettled one way or the other, moving too far is not likely.
Having said that, stocks are near highs for the day in the US now and there is not a whole lot of “risk on” flows into the AUDUSD going on. Yields are also higher today after tumbling lower this week. Again…not a lot of “risk on” from that either.