AUDUSD rebounds higher after dump lower runs out of steam and snaps back higher.

The AUDUSD is snapping back to the upside helped by lower yields. The Michigan inflation expectations came in lower which tilted yields back to the downside, and that is helping to weaken the USD including the AUDUSD.

Technically, the price is trying to extend back above the broken trend line. Stay above that level (near 0.6519) and the market could start to look toward the 200 bar MA on the 4-hour chart and the 200-Day MA. Both those MAs are near 0.6546.

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