AUDUSD gives up gains on the day

The  AUDUSD  squeezed higher in the Asian session, and at the start of the North American session, the AUD was the strongest of the major currencies (see post earlier today)

The move to the upside saw the pair move above a topside channel trendline, the 100 hour moving average (blue line) currently at 0.7142. The high price reached 0.7179. Yesterday the low price extended to 0.70543 which happened to be near the lower channel trendline.

Since peaking, the price has moved back below the 100 hour moving average (blue line), moved back within the old channel area, and has returned back to the Asian session low at 0.70838. The price is now near unchanged on the day.

A look at the strongest to weakest of the major currencies now has the AUD mostly lower with the biggest declines versus the GBP, JPY and EUR. It is only stronger versus the NZD (it is unchanged vs the USD, CHF and  CAD ).

A move to new lows for the day will look toward the low from yesterday at 0.70543. That level tested the low going back to February 4 at 0.70512. Move below that level and traders will start to target the lows from 2021 and 2022 at 0.6992 and 0.69669 respectively.