The Australian dollar is the standout performer today and AUD/USD has almost completely retraced the FOMC decline. The pair touched a fresh high at 0.9100. There are light stops above 0.9120 but I’d be surprised if we can get that kind of movement to the upside before the close.
In the bigger picture, the AUD/USD chart is turning into something to get the technicians excited. A double top has formed at 0.9138 and the 200-day moving average is just 4 pips higher at 0.9142.
On the supportive side, the series of higher lows bode well and seasonals are extremely good for AUD/USD in April.
AUD/USD daily
I got long AUD/USD yesterday and tried to add more overnight (but didn’t get filled). I’ll add on a break above those resistance levels because I think it could be a quick trip to 0.9350 if they break.