The Dollar is getting hit hard this morning as trader sentiment has shifted back toward risk, forcing bullish traders to unwind flight-to-safety positions initiated late last week.
In overnight news, the Australian Dollar rose against the U.S. Dollar after the Australian central bank kept its key cash rate on hold at 4.75%. The Aussie is rallying on the thought that interest rates will remain firm until the end of the year.
Technically, the Australian Dollar surged to the upside following the release of the Reserve Bank of Australia decision. Currently the market is testing a swing top at 1.0076 and a Fibonacci retracement level at 1.0083. Building upside momentum could trigger a breakout over these levels.