AUDUSD extends above close topside targets with more work to do

The AUDUSD is also seen risk on sentiment as stocks move higher/ yields move lower. The S&P index is now up close to 3%. The NASDAQ NASDAQ The Nasdaq Stock Market or NASDAQ is an American stock exchange. It trails only the New York Stock Exchange (NYSE) in market capitalization and is part of a network of stock markets and options exchanges.Launched back in 1971, NASDAQ is the acronym for the National Association of Securities Dealers Automated Quotations. Since then it is known simply as NASDAQ and has become one of the most influential exchanges worldwide.The NASDAQ was the world’s first electronic stock market, and has since ass The Nasdaq Stock Market or NASDAQ is an American stock exchange. It trails only the New York Stock Exchange (NYSE) in market capitalization and is part of a network of stock markets and options exchanges.Launched back in 1971, NASDAQ is the acronym for the National Association of Securities Dealers Automated Quotations. Since then it is known simply as NASDAQ and has become one of the most influential exchanges worldwide.The NASDAQ was the world’s first electronic stock market, and has since ass Read this Term index is up 3.58% and the Dow industrial average is up over 2%.

US 10 year yields are down around 6 basis points to 3.95%.

Looking at the hourly chart of 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, the pair has moved steadily higher for most of the trading day, there was resistance in the London morning session near the 0.6237 – 0.6249 swing area (see red numbered circles). After traders in the early NA session were able to base the pair against that level, the price has since seen an extension move above its 100 hour moving average at 0.6269 (see blue line in the chart above).

Those are steps in the bullish direction in the short-term. Close risk for traders looking for more upside is now the 100 hour moving average (blue line in the chart above).

Although the short term bias has turned higher on the break of the 100 hour moving average, there is still work to be done to increase the bullish bias.

More specifically, getting above the 38.2% retracement of the move down from the October high to the October low comes in at 0.63136. Getting above that retracement would now be step 1 for a more bullish bias. After that, getting above the rising 200 hour moving average at 0.63299 would be the next target.

Move above that level and the swing highs from last week's trading at 0.63456 would be another target level to get to and through to show the buyers intentions.

A failure back below the 100 hour MA would disappoint the buyers. A move below would have traders retargeting the lower swing area between 0.6237 and 0.62487.

Buyers are making a play. The play is contingent on stocks and yields but short-term technicals are also a contributing factor in the pair.