The fall stalls...
The AUDUSD closed on Friday right on the 50% of the 2016 trading range (low was in January. The high was in April). That 50% level came in at 0.73303.
Today, the pair traded mostly below that level during the Asian Pacific session, but toward the end of the session, buyers took the price above and it has remained above the level since that time.
Commodities are higher including copper (+2%) and Gold (+0.27%). The CRB index is up 2.24%.
Now the price rise is not all one way. In fact over the NY session, the AUDUSD has moved lower. That is in part in sympathy with the dollars move higher. That move trumps the run up in commodities (or so it seems).
The move back lower has seen the price (so far) stall at the 50% of the range today.
So we have support below at the 50% of the year's trading range at 0.7330 area, and interim support at the 50% of the day''s range at 0.7346. I guess that is showing a desire to put a potential floor in for the pair. However, we will need to see some buyers entering the market soon to prove they can move away from the higher 50% level and then start a more sustained rally.
