AUD ignored the risk-off trade
The AUDUSD is one of the stronger currencies today (along with the NZD). That strength has happened even though stock markets have been really nervous today.
Helping the upside, was some positive technicals:
- The low today stalled at the lows from the Friday and Monday
- The price moved above its 100 hour MA
The 200 hour MA has also been broken but the last 4-hour has seen the price trade above and below that MA line (green line currently at 0.71116). The pair is currently looking to tests the high for the day at 0.7128. That low was just below the high from yesterday at 0.7130. A move above each will be a signal for higher levels with the 38.2% at 0.7145 (from the Sept 26 high).
A move back below the 200 hour MA may be the last straw for the bulls today. In which case, we would look back toward the 100 hour MA at 0.7079 (blue line in the chart above).