AUDUSD hit a weekly high on Monday as the pair rallied but stalled against the channel’s descending trend line. AUDUSD drops below week to date This channel followed the price to Tuesday’s lows before the market started to consolidate on Thursday after CPI data. The low of Tuesday and Wednesday stopped between 0.6237 and 0.62 87. The high of , on Thursday – before the CPI – found sellers against the 100 hourly moving average (blue line in the chart above). A stronger than expected CPI pushed the price lower and lower into the aforementioned region between 0.6237 and 0.62 87 from Tuesday to Wednesday. Of course, there was a lot of pressure after the CPI forced the AUDUSD price back higher and above the declining 100 hourly moving average. The upward momentum continued in today’s trade. However, when the price rose to Tuesday’s high, the sellers came back and stopped the pair near the 0.63 6 area. The ceiling was erected. Since then, sellers have been able to push the price back below the 100 hourly moving average and more recently the lower bullish range from Tuesday to Wednesday between 0.6237 and 0.62 87. This area is now under threat. Holding below is more bearish. On the downside, the next target is Thursday’s low of 0.6169. This low was the lowest this year and the lowest since the week of March 22, 2020.
