AUDUSD and NZDUSD have been trading higher. No significant fundamentals as far as I can see caused this move. While both pairs traded higher, NZDUSD actually lead this rally making the bullish move just a tad before AUDUSD. While I missed the rally on the NZDUSD, I did get in on AUDUSD.
This pair was testing the daily support level on market open. I established a bullish bias from a technical standpoint given how much it struggled to break below this level. After an extended sell-off weeks earlier, it seems the pressure has been leveling off. Unfortunately, I did not get into this trade in time when I was monitoring it a few hours after Sunday’s open.
Similarly, the US dollar bearish stance is good for the Australian dollar as well. I longed the Australian dollar on the same premise that price is failing to push lower. However, I will be keeping this trade on the shorter term time horizon given that it’s still in a daily down trend.
Currently, I’m not in any other trades.