A flight into risk?

USDCAD has fallen. Oil is up. AUDUSD has risen. US equities are trading at the highs.

Technically for the AUDUSD, the pair had fallen quite sharply in Asian Pacific and into the European session. The low bottomed at 0.7144 - there is nothing special about the level. Looking at the daily chart above the pair spent from September to March below 0.73848. Earlier this month the price reentered this area on May 6th and has not closed back above the upper extreme (there was one failed break).

The pair fell below the 200 day MA (green line in the chart above) on Wednesday. The MA was tested on Friday and Monday. All systems were for lower prices and the price fell today. BUT then it stopped and now we are seeing a rebound.

Looking at the hourly chart the price has moved back above the lows from Thursday (at 0.7155) and is now moving back above the low from yesterday. If the momentum does continue the 100 hour MA will be a key topside target/resistance level. Yesterday the pair stalled against it (and the 100 day MA as well) and on May 18 last week, the price also stalled on the correction to the line. So traders have been leaning on rallies to the MA level. THat level come in at 0.7218 currently.