The AUDUSD pair is trading at 0.6723 and is close to the middle of nearby resistance at the swing zone at 0.6768 and close support at the 100-day moving average, 0.66929, and the swing zone low at 0.6685. The true midpoint of this range is 0.6725.
With the price at 0.6723, the price is within a few pips if the true midpoint. This suggests to me that buyers and sellers are fighting.
It also gives traders a roadmap to move forward. Come out at either end and find momentum on the break. Traders can also trade in ranges by leaning into the extremes with stops on the breakout. If it doesn’t break, take advantage of a reversal in the other direction.
However it is traded, what we know is that at current levels the price is in the middle with traders waiting for the next push – one way or another – with momentum in the direction of the breakout.