The AUDUSD is trending higher in trading today, with little in the way of corrective price action.
Looking at the 5-minute chart, the biggest pause/correction intraday occured in the European morning session when the price reached the 200 hour MA (overlay at 0.6964). The price corrected lower and entered into the 38.2-50% of the last leg higher (see yellow area between 0.64499 and 0.69547). However, buyers came in, the price started a new run to the upside away from the 200 hour MA.
Since then, the pair has been stepping higher within an upward sloping channel. In the short term, it would take a move below the lower trend line on the chart above and then the 38.2% -50% of the current leg higher between 0.6977 and 0.6983 to hurt the trend move higher today.
On the topside the high channel level comes in at 0.7005 and moving higher. A move above that upper extreme woujld increase the bullish bias intraday and accelerate the upside momentum.
On the hourly chart the pairs run higher shows the monentum higher. The next targets on more run to the upside looks toward 0.7030 to 0.70344 followed by the high from last week at 0.70464.
Helping the trends is higher stocks and lower rates:
- Dow +0.81%
- S&P +0.82%
- NASDAQ up 1.15%
In the US debt market:
- 2 year yield 3.205%, -12.2 basis points
- 10 year 2.71% -5.1 basis point
- 30 year 3.008%, -6.4 basis points