The price remains within a limited up and down trading range
AUDUSD has moved back above its 100- and 200-hour moving averages, which are currently close to the 0.7367 range (blue and green lines converge in the graph below).
It must be acknowledged that over the last six trading days, the price has traded above and below this moving average, as the market consolidates the declines observed in July, leading to a fall from a high of 6 July to close to 0.7600. The lowest level was reached on July 21, 0.72889 (-311 points). The pair has consolidated trading between 0.73165 and 0.7413 (less than 100 points) in the last eight trading days.
Moving back above the averages tilts prejudices more upwards. The next upward target is between 0.7387 and 0.73905. Over this, traders look at 0.7400 and last week’s trading high at 0.7413.
Below this high is the 38.2% retracement of the July trading area. Should AUDUSD show a lower mark after the -311 pipe dropped from high to low in July, one of these minimum technical requirements (as well as achieving and exceeding 100/200 hour MAs) is exceeding the -38.2% retracement. .
If you move below 100/200 hour moving averages, it would violate the tilt that has increased in the last few hours. That would be a big risk for buyers.