The 20-day SMA has traditionally been a favourite indicator for AUD/USD traders. The market last broke above it on March 23rd at 1.0070 and went for a nice 940 pip rally (hope somebody out there got it all
) This is the first time since then that the level has been tested and I’d suggest that it will be hard to break below initially. 1.0693 is the magic number today so it’s no surprise to hear of large stops below 1.0670 (as many longs will bail only on a clear break).
