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The low today stalled at swing area. Price is between 100/200 hour MA
The AUDUSD is stuck in a range (stuck in the mud) which has mostly been between 0.7577-87 on the downside, and 0.7653-63 on the topside.
The low today stalled at the upper end of the lower range at 0.75877. The high today stalled in the Asian session near the high of the upper limit against 0.7663 (the high reached 0.76603).
Yes, the pair has had looks above and below the extremes outlined on the downside on March 25 and April ,and above the upper extreme on April 6 and 7, but each of those moves failed. Generally speaking, the pair has spent the vast majority of the last 13 trading days within the 86 pip trading range (i.e. between the upper and lower yellow areas)..
The current price is in the middle of the range with the price centered between the 100 and 200 hour MAs (between 0.76208 and 0.76375), and also below the 100 day MA (at 0.76445). I guess, you can look at that as being stuck in the mud….
At some point the price will get out of the mud AND not fail. Keep that thought in mind for next week. For today, the best hope is for the market to just sit here and let things stay the way they are. It is always better to act on a break, when you have continuity of trading. The weekend breaks up that continuity.