AUD/USD is up by over 3% today, runs into test of 100-hour moving average
The wild swings continue in AUD/USD over the past two days as we now see the currency pair track higher amid the dollar faltering across the board.
The pair is trading at the highs for the day near 0.5950 and is looking to challenge a break of the 100-hour MA (red line) @ 0.5934. A break above that will see buyers turn the near-term bias from being more bearish to neutral instead.
That said, there is still minor resistance from the overnight high at 0.5964 as well as the pivotal 0.6000 handle. I would argue that a break of the latter will see buyers feel more confident about any potential run higher as the dollar softens.
There isn't much other fundamentals at play right now as the market is more focused on the dollar funding squeeze. Although as mentioned here, that issue may not be going away just yet, but the dollar is retracing gains on the week still.
And with a shift in the near-term picture as seen above, there is room for AUD/USD to roam a little back to the upside - for now at least - potentially towards the 200-hour MA (blue line) @ 0.6164 if we do see a move back above 0.6000.
