AUDUSD technicals
The AUDUSD has turned higher in trading today and tests the 200-day moving average, each of which failed to generate sustained upside momentum on 2 previous tests yesterday and last Thursday (despite ticks above the MA). The last two attempts above the level were particularly weak, leading to a sharper corrective move lower.
Yesterday, the pair moved lower helped by the dollar buying after the US/China tariff news, Today, the pair has reversed the declines. The Asian and early European session saw the pair move up to test the 100 hour and the 100 bar MA on the 4-hour chart (see blue lines on the chart above).
That run got another boost by the CPI data. That helped to extend above the MAs and the 200 hour MA at 0.64307.
The pair is now testing the 200 day MA at 0.64579 (and moving higher).
Can the buyers keep the momentum going?
That will be the key for today/now. On the topside, any rebound would need to reclaim the old highs last week including the high from May 5 at 0.6493
ForexLive.com
is evolving into
investingLive.com, a new destination for intelligent market updates and smarter
decision-making for investors and traders alike.
