Australian Dollar On The Move, With The 21-Hour Moving Average Playing Defense

The AUD is the currency of choice this Asian session after getting hitting hard the last few sessions on falling commodity prices and a risk aversion sentiment permeating through the marketplace. Prior to the better inflation reading and slightly better employment report out of Australia the Aussie was already on the move and the better than expected indicators helped mask the appreciation.

Looking at hourly charts of the AUD against the USD and JPY, we see how both have stopped at the 21 hr moving average. The question is for how long and how much further can they retrace if commodity prices and equities rally to end the week?

Subscribe by RSS Subscribe by Email