2nd time today above the 0.7500
The AUDUSD is making the 2nd break of the day above the 0.7500 on the day. The pair moved above the level in the Asia-Pacific session but could not sustain the momentum. The pair peak at 0.7513. The high just printed 0.7512. The 200 bar MA on the 4-hour chart is up ahead at 0.75173. The price of the AUDUSD has not traded above this MA since November 10th.
The 0.7495 to 0.7507 area (yellow area) has stalled a move higher a number of times over going back to mid November. At some point, either that ceiling is going to broken, or we head back lower.
On the downside, the 100 hour MA (blue line at 0.7472) was tested on the dip into the London session but early buyers came in against the level. Remember yesterday, the pair based against the 100 bar MA on the 4-hour, then the 200 hour MA. When the 100 hour MA was broken, the buyers became more in charge. That MA is now a key support going forward if the bulls are to keep the bias in the intermediate term.
Since December 2nd, the price has been confined to about a 100 pip trading range (about 7 1/2 days). That is narrow. In the new trading day (at 7:30 PM ET in the US/0030 GMT), the employment report will be released with expectations of a 18K gain and the unemployment rate at 5.6%.
Stocks are getting ready to open with the S&P futures up 8.5 points and the Nasdaq futures up 19 points in pre-market trading.