USD moveing lower
As the USD moves lower helped by lower yields/rising gold, the AUDUSD is certainly part of that move.
The current bar has just broken above its 200 hour moving average at 0.64627 and 50% retracement at 0.64708. The price is also moved above the week's high from Tuesday at 0.64752. Getting above that cluster of resistance has open the door for further upside momentum, and that is what we have seen.
What next?
Looking at the hourly chart, the pair is testing the underside of a broken trend line at 0.6500. That is also the natural resistance level. Sellers are leaning against the level in the 1st test. However a break above should solicit more buying.
Drilling to the 5 minutes chart below, the price consolidated for an extended period of time in the London/NY morning session. However the corrective move of the last leg higher did hold support near the 50% of that range (see middle yellow area). The subsequent move above the 100 bar moving average and 200 hour moving average turned sellers to buyers and the 3rd leg of the day began.
The 38.2%-50% of that last leg comes in at 0.6470-77. Stay above that correction zone and the buyers remain in control.
