AUDUSD finds a "risk on" bid after break to 3+ week low failed

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 is moving higher on "risk on" flows helped by higher stocks and lower yields. Also helping is the failed break to 3+ week low down to 0.7391. The low took the price below the low from yesterday at 0.73987 and to the lowest level since March 22, but momentum quickly faded, and the sellers turned to buyers.

The move back to the upside has the pair looking to test the falling 100 hour moving average at 0.74477. The price moved above that moving average both yesterday and earlier today, but was unable to extend above higher levels including the 200 hour moving average (green line).

A move above the 100 hour MA (and staying above) would increase the bullish bias for the pair. Stay below and the buyers are NOT yet winning.