The AUDUSD is moving higher on “risk on” flows helped by higher stocks and lower yields. Also helping is the failed break to 3+ week low down to 0.7391. The low took the price below the low from yesterday at 0.73987 and to the lowest level since March 22, but momentum quickly faded, and the sellers turned to buyers.
The move back to the upside has the pair looking to test the falling 100 hour moving average at 0.74477. The price moved above that moving average both yesterday and earlier today, but was unable to extend above higher levels including the 200 hour moving average (green line).
A move above the 100 hour MA (and staying above) would increase the bullish bias for the pair. Stay below and the buyers are NOT yet winning.