For the week the high price was reached on Monday at 0.75394. The low price was on Tuesday at 0.74554. The range of 84 pips is the lowest range for 2022 and the lowest range since the December 26th, 2021 week (holiday week). The lowest range in 2022 was at 107 pips prior to this week. The pair has been confined to a 91 pip trading range for 8 days now.
Buyers and sellers are unsure of the next move given the non-trend nature in the market over the last 8 trading days. However, at some point the next shove will occur sending the pair away from current levels.
Of note for next week, the shove may come on Tuesday as the RBA is scheduled to meet and keep rates unchanged at their policy meeting. However, according to a Reuters poll, the RBA will end its longest easing cycle on record by the end of the third quarter. Some economists see a rate hike as soon as after the federal election in May.
How the current path for rates is portrayed by the RBA given all that is going on in the world now, will be eyed and could lead to the break and run at that time.
For now, the pair remains mired in the range with swings above and below the 100/200 hour MAs as bias defining levels between the extremes.