AUDUSD corrects higher into moving average resistance.

The AUDUSD is moving higher today helped in part by higher US stocks. The University of Michigan inflation expectations was also more tame, which is lowering the value of the US dollar (increasing the AUDUSD).

The price has now moved up to test its 100-bar moving average on the 4-hour chart at 0.6625. Move above that level and traders would target a swing area between 0.6635 and 0.6648. Conversely, staying below/stalling at the 100-bar MA, would have traders looking back down toward the low for the day and also the 38.2% retracement of the move up from the mid-April low. That level comes in at 0.6579.

Find all about it by watching the video above.

This article was written by Greg Michalowski at www.forexlive.com.