Commodities higher
Oil, Gold, the CRB index are all higher on the day and we are seeing a corresponding move higher in the AUDUSD. The pair is trading at session highs and is testing the 100 hour MA at the 0.7688 level. There should be sellers against the level on the test with stops on a move above. The next target on the topside will look to breach the 50% of the move down at 0.76954. A move above that level should have traders looking toward the 0.7722 level. Close support on a move lower now comes in at 0.7670-76. (lows in Asia came in around 0.7670).
Earlier in the NY session, the 200 hour MA (green line) was tested at the 0.7656 area and held.
The pair may be subject to the ups and downs from the commodity sector but don't underestimate the power of the technicals as well. Traders like to lean where risk is defined and limited.