Grinding higher but needs more
The AUDUSD extended above the 0.7600 level in trading on Tuesday, then failed and tumbled lower. The low stalled at the underside of a broken trend line (see blue circle 4) and started a grind higher.
Today, the price action has not exactly been a grind, but an up and down chop. Not only is it chopping but the range is very narrow at 32 pips. The price is non-trending but it could transition into something more (a trend?), but we need a break.
Technically, the chop today has seen the 100 hour MA (blue line in the chart above) do a good job of finding support buyers. That MA (blue line in the chart above) comes in at 0.7554. Stay above is more bullish. Move below is more bearish.
On the topside, the 0.7572-74 has been a ceiling. That swing high was also a swing level from Monday and Tuesday (see red numbered circles). A break above should solicit more buying.
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