If commodities get squeezed, and so does the AUDUSD
Adam writes about the metals ripping higher, and that will get the AUDUSD traders attention too. Today, it is doing it's own rip to the upside and currently trades near the session highs (PS. I like that word "rip". You can close your eyes and see what "ripping" look like).
The pair has actually been ripping since last week. Looking at the daily chart, the price moved above the 200 day MA on Wednesday. That was the first break above since September 11, 2014. That momentum continued on Thursday and Friday (as you do). The Friday move took the price above a double top at the 0.7385 area. The ripping continued.
Today, the low stayed above that double top level and the pair is ripping again. The price approaches another key target at the 50% and other highs going back to the July 7th through 15th. If tested there should be some cause for pause, but then again, this pair is ripping.
