AUDUSD skyrockets, targets key moving average

The AUDUSD is racing to the upside on “risk on” flows (and overall USD selling) after the US CPI data. The pair is currently up 1.54%. That’s the largest gain since January 6 (gain of 1.78%).

Technically, the pair is back above its May 2023 low at 0.64587. It is moving closer to its falling 100-day moving average of 0.64899.

Earlier this month, the price moved above the 100-day moving average on its way to a high of 0.65229. That high tested the swing highs going back to August and early September near 0.65216. Getting above the 100-day moving average and then the November high, should open the door for further upside momentum in the pair. The 50% midpoint of the move down from the June 2023 high comes in at 0.65846. Above that, the 200-day moving average is up near 0.6599. Those are topside targets on further momentum.

Close risk is now between a swing area on the hourly chart at 0.6445 to 0.6455. The 61.8% of the move down from the November high comes in at 0.64517 between that swing area.

This article was written by Greg Michalowski at Source