AUDUSD consolidate ahead of China news
The AUDUSD is consolidating as the market awaits a slew of economic data out of China this evening at 9:00PM NYT. The price action today has been contained on the upside by 0.9322 (the high for 2009 has come in at 0.9327). The low had a floor low of 0.9254. The 100 and 200 moving average comes in at 0.9283/87 level.
A break of the topside (followed by a move through the 0.9327 level should target higher levels. Meanwhile a break of the floor should confirm a further downward move. The 100 bar MA on the 5 minute chart is the pivot for bullish or bearish sentiment.
With the data coming out later it is probably more prudent to wait and see the price reaction with a break of the Floor/Ceiling providing the directional clue. Until then, selling against the ceiling and buying against the floor with stops on extensions may allow for the accumulation of some pips.
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