The AUDUSD is trading in an up-and-down confined range today. On the downside, a cluster of moving averages is holding support. On the upside, a swing area is stalling resistance.
As a result, traders are looking for the next shove. Move above 0.6550 would be more bullish. Move below 0.6516 would be more bearish.
The current price is trading at 0.6537 after its recent bounce off of the lower extreme and back above the cluster of moving averages. As result, the buyers have the tilt in the bias. The sellers had two shots to go lower. They missed.
This article was written by Greg Michalowski at www.forexlive.com.
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