Earlier this week, Australian CPI for the quarter came in higher than expectations and that helped to push the AUDUSD pair to the upside. The price extended to the 200-day moving average and 200-bar moving average on the 4-hour chart near 0.6530 where sellers leaned.
The subsequent move to the downside move the price to a swing area between 0.6475 and 0.6486. The price also wrote below it's 100 bar moving average on the 4-hour chart and 50% midpoint of the April trading range at 0.65028.
Today despite Australian and New Zealand the nonholiday, the AUDUSD resumed its upward momentum and took the price safely above its 200 bar moving averages on the top side.
Then US inflation became the focus, and the pair moved lower after higher core PCE in the US GDP report. The price has subsequently moved back below the 50% midpoint and 100 bar moving average at 0.65028. That level is now close resistance for traders and will represent a barometer for buyers and sellers. Stay below is more bearish. Move above and stay above would be more bullish.
Find out about all the ups and downs in the AUDUSD in the above video.
