The AUDUSD is racing to the upside on “risk on” flows (and overall USD selling) after the US CPI data. The pair is currently up 1.54%. That’s the largest gain since January 6 (gain of 1.78%).
AUDUSD runs higher after tame CPI in the US
Technically, the pair is back above its May 2023 low at 0.64587. It is moving closer to its falling 100-day moving average of 0.64899.
Earlier this month, the price moved above the 100-day moving average on its way to a high of 0.65229. That high tested the swing highs going back to August and early September near 0.65216. Getting above the 100-day moving average and then the November high, should open the door for further upside momentum in the pair. The 50% midpoint of the move down from the June 2023 high comes in at 0.65846. Above that, the 200-day moving average is up near 0.6599. Those are topside targets on further momentum.
Close risk is now between a swing area on the hourly chart at 0.6445 to 0.6455. The 61.8% of the move down from the November high comes in at 0.64517 between that swing area.