The USD is moving higher will versus the commodity currencies including the USDCAD, AUDUSD and NZDUSD. In the process and there have been some technical breaks that are driving the price action.
For the USDCAD, the price is low back above its 200 and 100-hour moving averages at 1.3521 and 1.3542 respectively. Stay above those levels is more bullish for the pair today and going forward.
The AUDUSD has seen a break below its 200-hour moving average of 0.6437. The 100-hour moving average is just below 0.6428. The price is trading between those moving averages. Something has to give. Either the price will go back above the 200-hour moving average, and there should be some short covering, or the trend lower today continues with a break below the 100-hour moving average. Stay tuned.
The NZDUSD is ahead of the AUDUSD in that the price moved to test the two hourly moving averages at 0.5939 and 0.59458, but has since broken below increasing the bearish bias.
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This article was written by Greg Michalowski at www.forexlive.com. Source