The AUDUSD moved higher on the rise in China PMI last night but has dipped back lower. The price is below the 200 hour MA at the 1.0284 level currently but just barely.
On the bullish side, the price is above the midpoint of the move up from the July 12 low to the July 19 high at 1.0271, but just barely. The pair has a decision to make – move above the 1.0284 and gather sustained momentum, or fall below the midpoint at 1.0271 and below the bull flag support (1.0266)
The range is narrow at 60 pips (the 20 day average is 98 pips.
I will be looking for a momentum move away from the current level shortly.
