December 7, 2022

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AUDUSD tests 100/200 hour MAs. US stocks helping “risk on” flows

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US stocks continue to move higher helping risk on flows

The AUDUSD is trading to a new session high and in the process tests its 200/100 hour MAs. Both those moving averages are near converged near 0.7754. The high price of just reached 0.77524.  Also near the area is a old trendline (see green numbered circles). 

That trendline was broken on Friday on or separate hourly bars, but could not sustain upside momentum, and the price rotated back below the moving average levels.

US stocks continue to move higher helping risk on flows

Helping the risk on flows is the move back into US stocks. The NASDAQ index is leading the charge with a gain of 190 points or 1.41% at 13661. The S&P index is up near 1% at 4197.13. The Dow is lagging with a gain of 0.59% or 202 point at 34410.

The NASDAQ index has moved back above its 50 day moving average currently at 13589.09. As well as the 50% retracement of the move down from the all-time high at 13607.05. The index is still -3.87% from its all-time high.

NASDAQ index on the daily chart

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