Trades above 100 day MA and trend line
The RBA cut rates as expected in the Asian-Pacific session and said it would keep rates low for years and would also continue add stimulus if needed down the road. The market for the AUD cheered on the move and the pair moved higher. The surge in the major indices is also helping the risk on sentiment . The US indices are all up around 2.1% at the moment with the Dow up the most at 2.35% (up over 600 points).
Technically, the price has moved back above the 100 day MA at 0.7116 level. The upside momentum has also moved above the 38.2% at 0.71516. Those levels are risk levels for longs going forward. Stay above is more bullish.
The next upside target on increased momentum is near the 0.7200 level where the 50% of the move down from the September 1 high is found. Move above that level opens up the door for further upside probing and tilts the bias even more to the bullish side.
