The AUDUSD has been moving higher today, holding support last against 200 bar MA on the 5 minute chart (see tests in the chart above). The price has been supported by reports the Bundesbank was looking to diversify into the currency (click here). On the hourly chart, the pair based against the 100 hour MA in the NY afternoon session yesterday. The activity is slow and methodical but the bias is positive.
If the intraday bullishness is to continue, look for the 0.9958-0.9965 to provide support in the short term. The 38.2-50% of the days range is there along with 100 bar MA on the 5 minute chart above. The 200 bar MA is moving toward this area as well. Staying above this level keeps the intraday traders happy.
If 0.9958 is broken, a move toward trend trendline support off the lows from yesterday at 0.9942 and then the 100 hour MA (at 0.9920).
On the topside, the key targets include (see daily chart below):
- High for the week at 1.00064
- 50% of the move down from the end of April high at the 1.00259
- Underside of broken trend line at the 1.0070
