....but with up and down volatility. Key level ahead traders...
The AUDUSD is trading back near the high for the week (at 0.81185 from yesterday). It is also trading at the high for the day.
Technically, the move higher is also looking to test what has been a "governor" on the speed of what has been a long and steady rally, that has taken the price from a low of 0.75024 in December, to the high at 0.81185 today/this week.
That "governor" has comes against a topside trend line which currently comes in at 0.8123. Yesterday, the price moved above that trend line as it tried to break out. That try failed, and shortly thereafter, the line was reestablished before the tumble from the Trump comments (see red circle 6 in the chart above).
Now, it is not all "Buy. Buy. Buy" for this pair. There have been some corrective moves lower too. However, the falls have been able to find support against technical levels on the downside.
The technical support of the week, was at the 200 hour MA (green line in the chart above). This week, that MA line was tested on 3 separate occasions and each time the price bounced. Yesterday, the sharp fall went right down to it, and found buyers.
So the market remains in the upward trend, with support at the 100 hour MA, the 200 hour MA and below that a trend line (which was not tested this week, but remains a following level).
On the topside, the topside trend line is helping to put a limit on the bullish speed limit.
Looking at the daily chart below, it helps to bring in another important technical level to the bullish story.
The 2017 high price reached 0.81244 in September. We are currently within 7 pips of that level.
So not only are we testing the topside trend line on the hourly chart, BUT also the swing high from September 2017.
Get above, and the buyers are not only taking off the governor on the hourly chart, but is also opening up the road on the daily chart for further gains.
VROOM. VROOM. KEY, KEY level traders.
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