The AUD USD is trading higher at the mid session under thin tradingconditions. This market continues to remain range bound with a slightbias to the downside based on the series of lower-tops andlower-bottoms.
Mid Session Analysis
The AUD USD is trading higher at the mid session under thin trading conditions. This market continues to remain range bound with a slight bias to the downside based on the series of lower-tops and lower-bottoms.
In addition to the series of swing tops and bottoms, a major 50% price at .7928 is controlling the short-term direction of this market.
Based on the range of .7450 to .8264, a retracement level at .7857 to .7761 is also providing short term support.
Continue to look for this market to remain range bound until either .8264 is penetrated to the upside or .7789 to the downside. Until this occurs buy the dips and sell the rallies.
On the downside the chart is indicating that a break under .7761 will not only take out the swing bottom but also a .618 retracement level. This is most likely the breaking point in the market. A failure to hold this level could break the market all the way to .7274 over the near term.
Mid Session Chart