The AUDUSD ran higher helped by risk on flows and the fact that the RBA is still looking at potentially raising rates. However the sharp rise from the low reached on Monday on the sell off due to the Nikkei’s plunge, has the pair testing its 50% retracement, the low of a swing area and further higher, a cluster moving averages (see chart below).
Sellers leaned on the test. It makes sense from a technical perspective as risk and be defined and limited against the level(s).
In this video above, I discussed the key levels in play and explain why.
This article was written by Greg Michalowski at www.forexlive.com.
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