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Drilling down through the AUDUSD charts. What are they showing?

  • From the Daily, to the hourly, to the intraday 5-minute chart

The AUDUSD has been rebounding since the low on July 14 and has moved up to test the 38.2% of the 2022 range on the daily chart.

The hourly chart has shown some up and down volatility of late but some bullish buying tendencies.

The 5-minute correction today held the 50% but is stalling at a ceiling for the day.

What does the combined story tell us regarding bias and risk?

The AUDUSD is moving toward 38.2% target of the 2022 range

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