With lower stocks this morning and oil and commodities under wraps, it brings into play the commodity currencies.
The AUDUSD has been trending of late as global recovery and higher commodities have supported the pair. The pair took out the resistance overnight at 0.8187. The price move higher has stalled and it has allowed the key moving averages time to catch up with the market. A move back below into the desert or area between the MA’s, could lead to a further technical correction to the downside for the pair – maybe even a 50% correction.
