AUDUSD holds gains above midpoint, consolidation continues

<p>The AUDUSD has consolidated the gains from yesterday which saw the pair move away from the 50% midpoint of the 2023 trading range. That midpoint level comes in at 0.67134. The high yesterday extended to 0.6774. The high price today extended to 0.67785 to a new 4+ month high but only barely.</p><p>The low for the day reached 0.6748 for a low-to-high trading range of only 31 pips. That is less than half of the normal range over the last month of about 64 pips. </p><p>Needless to say, there is not a lot going on. However, the sellers are not exactly "winning" over the control either.</p><p>What would shift the bias and lead to more downside corrective probing for traders?</p><p>Looking at the hourly chart below, a move below the rising 100-hour MA at 0.67266 would likely be needed to give sellers more confidence and lead to more downside probing. On a break lower, there is not a lot of support ahead of 0.66816 to 0.66896. That area is home swing levels (see blue numbered circles) and the 38.2% of the move up from the December low (the December trading range). </p><p>Absent a move below the 100 hour MA and the buyers remain the dominant from a technical perspective. </p>

This article was written by Greg Michalowski at www.forexlive.com.