As the EURAUD continues to trend lower (see Adam’s post) , the move has been reflected in a lower EURUSD and higher AUDUSD. The move higher in the AUDUSD has pushed the price back to resistance at the 100 day MA (at the 1.0240 level – high reached 1.0244). The price is also testing the 100 hour MA (blue line in the chart below) at the 1.0235 currently. Needless to say this area is a key level for the pair. Move above, and I will be looking for increased upside momentum as traders rush into the relative safety of the pair. The next target is the 200 day MA at the 1.0266.
