The AUDUSD is being squeezed to new NY session highs (well new day highs too! ) as traders continue to feel the pain. The price has just sliced through the 100 hour MA at the 0.7789 level and above the close from yesterday at the 0.7801 level. The pair is testing the lows from Jan 26 at the 0.7857 level.
The support now can be found against the close from yesterday at 0.7801 and below that the 100 hour MA at the 0.7789. Look for corrections to find support.
Fundamentally, commodities are higher today. Copper is up 3.61% currently. Oil prices continue to advance. This is helping the commodity currencies – along with the technical squeeze.
