The AUD is not alone in moving higher vs the USD today. The USD is lower after US retail sales came in weaker than expectations. However, for the pair, although it did move higher, it did reach a resistance target defined by a swing area near 0.6523 and the 100-day moving average of 0.6533. The price reached between those two levels before rotating back to the downside. The current price trades at 0.6505.
The next target on the downside comes at the 61.8% retracement of the move up from the October low. A level comes in right below the natural level of 0.6500. If broken, it would give the sellers more confidence that a potential high is in place.
Although yields are still negative, they are off their low levels and trading near highs for the day (helping to push the AUDUSD lower/USD higher). The 10-year yield is 4.251%. That’s down -1.6 basis points. However, at session lows, the yield was as low as 4.187%
This article was written by Greg Michalowski at www.forexlive.com. Source