Failed on break below the 100 day MA earlier today. It is a dollar selling bonanza in the pre-Stock opening
The AUDUSD has reversed the earlier declines that saw the price move below the 100 day MA at the 0.71902 level (early European session low). The Asia-Pacific session high came in at 0.7236. The market is currently making new session highs.
The rise is in concert with a bunch of dollar selling.
- The EURUSD has moved up from 1.0940 to 1.0980.
- The USDJPY has moved from 122.55 to 121.81
- The GBPUSD has moved from 1.5070 to 1.5130
- Even the NZDUSD has moved from 0.6615 to 0.6655. There is a RBNZ meeting later today. The market is looking for a potential 25 bp cut.
- The USDCAD and USDCHF are all trading at session lows.
Needless to say, the dollar longs are feeling the squeeze.
This is the look of the AUDUSD from the 5-minute chart perpective. The pair broke and tried to stay below the 100 day MA bur that failed and the buying started. The 200 bar MA held on the first test but then broke higher. The 38.2%-50% of the last leg higher at the 0.7222-28 is now a support area.
