The AUDUSD moved up to a high in the up and down CPI volatility to a high of 0.69836.
That took the price into a swing area between 0.6966 and 0.7005 (see yellow area and the red numbered circles). The price has since rotated back down as the market digest the data. The 50% of the 2022 trading range comes in at 0.6915 and remains as a support target. Below that on the daily is the 200 day MA at 0.68357. THe price has closed above the 200 day moving average since last Friday.
Drilling to the hourly chart below, the run higher failed on two hourly bars above the earlier high for the week at 0.6949. After the 2nd failure, the sellers started to lean against the Monday high, reestablishing the level as a resistance now in the short term. Stay below is more bearish.
On the downside, the price moved back below the 100 hour MA (blue line) on the downside volatility, and tested the low from yesterday near 0.6872, but that test of the low stalled the fall, and the price moved back above the 100 hour MA (currently at 0.6902 and moving higher).
That MA is now a support target. Stay above keeps the buyer in play.
So overall, the run higher made a play at topside swing area on the daily and stalled. The subsequent move lower has taken the price back below the Monday high at 0.6949 and reestablished resistance there in the short term.
On the downside, watch the 100 hour MA and below that the low from yesterday near 0.6872.
In between and the buyers probably hold onto more control, but there is work to do to keep that momentum going.