Trade to new session highs
The AUDUSD and NZDUSD pairs continue to trend to the upside.
The AUDUSD is trading to new multiyear highs going back to June 15, 2015.
The NZDUSD is working his way toward the high price from earlier in the month at 0.71036. That December high represents the highest level in that pair going back to April 2018
For the AUDUSD, it is trading at the highest level since June 15, 2015.
Looking at the AUDUSD on the 5-minute chart above, the pair has seen 3 separate trend legs to the upside today. The 1st leg in the Asian session, corrected to between the 38.2-50% retracement and bounced.
The 2nd leg, corrected to just short of the 50% retracement of the leg at 0.7484.
The 3rd and current like to the upside, has the 38.2-50% of the move down at 0.7517 to 0.7511. The rising 100 bar MA on the same chart (blue line ) is currently at 0.7516 and moving higher.
For the NZDUSD, the pair has picked up steam after a midday correction, tested support near the 100 hour MA and rising 100 bar MA on the 5 minute chart (around 0.7073). The move away from the 100 hour MA spiked up to 0.70854 and then corrected to just short of the 38.2% at 0.70676.
The current leg higher has the 38.2-50% of the last leg higher at 0.7086 to 0.70827. The run higher has also left the rising 100 bar MA on the 5 minute chart in it's dust. It is currently at 0.70737 (and moving higher. To tilt the bias lower, getting below the 0.70827 and then the 100 bar MA, would give the sellers some hope for more corrective action lower.
