AUDUSD dips to the 100 hour MA and finds buyers on the first look

The AUDUSD AUD/USD The AUD/USD is the currency pair encompassing the Australian dollar of the Commonwealth of Australia (symbol $, code AUD), and the dollar of the United States of America (symbol $, code USD). The pair’s rate indicates how many US dollars are needed in order to purchase one Australian dollar. For example, when the AUD/USD is trading at 0.7500, it means 1 Australian dollar is equivalent to 0.75 US dollars. The Australian dollar (AUD) is the world’s fifth most traded currency, whilst the US Dollar The AUD/USD is the currency pair encompassing the Australian dollar of the Commonwealth of Australia (symbol $, code AUD), and the dollar of the United States of America (symbol $, code USD). The pair’s rate indicates how many US dollars are needed in order to purchase one Australian dollar. For example, when the AUD/USD is trading at 0.7500, it means 1 Australian dollar is equivalent to 0.75 US dollars. The Australian dollar (AUD) is the world’s fifth most traded currency, whilst the US Dollar Read this Term moved above its highs from Monday near a 0.6949 yesterday and found support near that area in the Asian-Pacific session today before moving to a new high for the week at 0.69937.

The move down in stocks and up in yields sent the price lower in the late London morning session, in the early New York session, the price fell below the swing highs from Monday and swing lows from yesterday and today between 0.6943 and 0.6949. The price stretched to the 100 hour moving average near 0.69187 where dip buyers put a bid in and stole the decline. The low price for the day reached just below the level at 0.6915. The current price trades at 0.6941.

What next?

With the 100 hour moving average finding support buyers near the level, getting below that level is needed to increase the bearish bias in the short term.

On the top side the close hurdle to give buyers added intraday confidence comes between the 0.6943 and 0.6949. Get above and traders will look for increased momentum in that direction.

The Michigan consumer sentiment preliminary for January will be released at the top of the hour:

• Sentiment estimate 60.5 versus 59.1 last month
• Current conditions 60.0 versus 60.2 last month
• expectations 59.5 versus 58.4 last month
• 1 year inflation Inflation Inflation is defined as a quantitative measure of the rate in which the average price level of goods and services in an economy or country increases over a period of time. It is the rise in the general level of prices where a given currency effectively buys less than it did in prior periods.In terms of assessing the strength or currencies, and by extension foreign exchange, inflation or measures of it are extremely influential. Inflation stems from the overall creation of money. This money is m Inflation is defined as a quantitative measure of the rate in which the average price level of goods and services in an economy or country increases over a period of time. It is the rise in the general level of prices where a given currency effectively buys less than it did in prior periods.In terms of assessing the strength or currencies, and by extension foreign exchange, inflation or measures of it are extremely influential. Inflation stems from the overall creation of money. This money is m Read this Term last month came in at 4.6% which was higher than expectations
• 5 year inflation came in at 3.0%

Markets are sensitive to any inflation reading. The problem with sentiment is with inflation being high for so long (and it being a well-publicized), I would expect that consumers surveyed might have it more engaged in their head.

Feds Kashkari is also scheduled to speak.