AUDUSD reaches up to the highs after the moving average's support the bounce
The 0.7540-0.7490 area was an area of support last week and most of it was broken down to the 0.7490 level. There it virtually stopped on a dime and the bounce since has been impressive.
Today in Asia the pair opened up right on the 55 & 200 dma's and it was upward from there.
AUDUSD daily chart
At the moment we're struggling up at the 0.7590 level, which comes just ahead of the stronger 0.7600/05 level.
We've gone above the minor levels at 0.7545 and 0.7575, the latter of which is already playing support. If we stay above then we should continue to pressure the 0.76 level.
At the moment, most pairs with USD attached are just sitting waiting for the Fed so it would be wise not to get too carried away by any strong looking moves. Trade the wider and bigger looking levels if you don't want to get caught in the middle.
