Bullish run doesn't look so great now
The AUDUSD ran higher today and in the process moved above the 100 day MA (blue line at 0.77849) and continued toward the 200 day MA at 0.78112. The high price reached 0.78093. Then the run started to run out of steam.
The AUDUSD at the start of the NY session was the strongest of the major currencies. (see rank from earlier today).
The price moved back below the 100 day MA now. What was looking so good, does not look so good now.
Drilling to the 4-hour chart, the price has also moved below the lower trend line at 0.7771. The low reached 0.7762.
What next?
The holding below the 200 day MA, the fall below the 100 day MA (and 50% on the 4-hour), the fall below the trend line on the 4-hour, certainly muddies the water.
The pair is still up on the day (the close yesterday was at 0.7751 and we trade at 0.7764) but the technical picture certainly does not look as great as it once did in the London morning session and at the start of the NY session.
How does the AUD's rank on the strongest and weakest? It is still higher on the day but a lot of the gains have been eroded.
