AUDUSD is trying to keep itself above the 0.8000 level. Can it succeed this time?
We’re stuck in the intraday ranges in the FX world today and AUDUSD is one of those pairs. The aussie keeps trying to get a foothold above the big figure but it’s been sent packing several times.
Last week the sellers won the battle by giving attempts a good shove back down to the 0.7940 area where the buyers picked up the baton. Today we’ve seen some llightly different price action with buyers scooping up dips around the 0.7980 area. That suggests the buyers have a bit more gumption today, although we’re not exactly seeing a lot of liquidity.
0.8020 is the first level they have to take out before putting in a move towards last week’s high. At the moment, we’re struggling around 0.8015. Looking at the chart today, it looks like it’s all going to come down to the clock. If the buyers lose patience in trying to break the top, we’re going to see them flushed out again, and we’ll likely see the day’s lows taken out and another move down to 0.7940. In terms of the clock again, something will have to give in this wider 0.7940-0.8020/30 range sooner or later, so it’s yet another case of trading the edges while it holds and going with the breaks when they happen.
Tight range trading is the theme for today, and I spoke to Core Finance TV today about what the drivers are, and how we can trade it.
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