AUDUSD higher but still below 100 hour/100 day MAs

The broader US stock indices are dodging a technical bearish bullet, and will close above key daily MAs.

However, the risk-on flows are not racing into the AUDUSD . Yes, the price is up, but heading toward the end of the day, the price still remains below the 100 hour MA and the 100 day MA. Those moving averages come in near 0.6738 (the 100 hour MA is a little lower). The current price is at 0.6731.

The good news for the dip buyers is that the price is above the lows from the week down to 0.6694. The low today reached 0.6706.

We will head into the new day with the sellers holding onto full control below those MAs. If the price moves above, the bias shifts a bit more to the upside. However, there is more work to do with the

  • 38.2% of the move down from the February 20 high at 0.67806,
  • the falling 200 hour MA at 0.6786, and the
  • 200 day MA at 0.67944 as targets needed to get to and through if the buyers are to take more control.

Absent that, and the sellers remain in control, with a move below the 0.66944 level opening the door to the downside.

Also not fully believing are US yields. The 10 year is off highs for the day but if it remains above 4.00%, the upside is still favored. The yield is currently at 4.0655%. The 2 year is back to unchanged at 4.885% after trading up to 4.944%.