Trades at highest level since Feb 9th.
The AUDUSD is making a run above the 0.7700 level. The NZDUSD is also running higher.
The pair just moved above the highs from last week and trades at the highest level since Feb 9th. The 50% of the move down from the Feb 7th high comes in at 0.72518 and that is the next target on the topside. On the move higher, the 100 bar MA on the 4-hour chart was broken at 0.7226. The 38.2% retracement is at 0.7223. That area will now be close risk for longs. Stay above is more bullish. Move back below is not so bullish for those trading the break.
PS the USD is the weakest currency today - falling against all the major currencies, but it is the weakest against the NZD today (down 0.75% on the day). That does not mean it will continue - the technicals will help tell how that story line plays out - but it leads the league table at the moment.
PSS. The range today is 74 pips. The 22 -day average is 68 pips. So it may be a bit extended. That could make a 50% test a tough nut to crack.
