50% midpoint at 0.71748 for the AUDUSD

The US dollar selling is being seen in the AUDUSD as well. 

For it, the price has extended above its 200 hour moving average at 0.71319 and its 30.2% retracement at 0.71348. The next targets at the swing levels between 0.7146 and 0.71534 have also been breached. 

The next target comes in at the 50% midpoint at 0.71748. A move above that would open up the door for further upside momentum.  

Close risk now comes in at the broken swing area between 0.71467 and 0.71534.  Needless to say also staying above the 200 hour moving average would be key for the bulls. 

The dollar selling continues in other pairs through the London fix. The dollar is at new lows vs. the GBP, JPY, CAD, CHF and NZD in the current hourly bar. 

US stocks are trading near session highs. Traders are jumping on the stocks higher/ lower dollar Pavlovian reaction it seems.  By the way, the major indices remain lower on the month. Currently the Dow industrial average is down -1.88%. The S&P index is down -3.46%, and the NASDAQ index is down -4.55%.

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