The AUDUSD is continuing it’s run to the upside and is now breaking above its 100 hour moving average at 0.7258 and also moving above its 50% midpoint of the move down from the March 10 high at 0.72657.
Earlier today, the price moved back above its 100 day moving average at 0.72173, and then based/launched off of that level.
Buyers have been spurred on by China government and central bank comments earlier today that they would support the economy/ stock market . Shares like Alibaba, Tencent are up strongly in the US (up 17.5% and 19.8% respectively). As a result of the AUDUSD has that “risk-on” feeling today.
On further momentum, the falling 200 hour moving average is up at 0.7293. That is just above the 61.8% retracement of the move down from the March 10 high.
The best case scenario for the buyers is the price now stays above the 100 hour MA (give or take). More conservative risk would be at the 38.2% at 0.72419.