Rotates lower to intraday support
While the USD rises against the EUR, GBP and CHF (most notably), the only currency it is down against today is the USD.
In fact, the AUDUSD traded at the highest level since March 30 today, while currencies like the GBPUSD are threatening to close at the lowest level since June 2010.
Having said that, the peak did find resistance sellers. More specifically, the 50% retracement of the move down from the March 24 high and topside trendline connecting most recent highs on the hourly chart, has slowed the rally.
The price is off the highs but will need to break below lower trend line support and the 38.2% (see chart above) to solicit more selling (at 0.7687 area)..
Contributing to the AUD support has been the crashing of the EURAUD. This pair peaked against the 200 and 100 day MA on Monday (green and blue lines in the chart below), but fell sharply after the RBA failed to cut rates on Tuesday. It has been a downward tumble since then and looks to approach the low from September 2014 at 1.3800 area. The low for 2015 comes in at 1.3729 (see chart below). Before those levels the 1.3818 is the low from March 23.
