The Australian dollar is the best performing currency against the greenback on Thursday after extending the advance from the previous day, while the Japanese Yen continued to depreciate across the board and remains the weakest of the majors. The Australian dollar is the best performing currency against the greenback on Thursday after extending the advance from the previous day, and the exchange rate may continue to push higher throughout the U.S. trade as investors raise their appetite for risk. The AUD/USD is 50+pips higher on the day after moving 64% of its average true range, but the short-term rally appears to have tapered off as the 30-minute RSI falls back from a high of 75. As a result, the aussie-dollar may trend lower going into the Asian trade and may fall back towards the 240-SMA at 0.8426, but a break to the downside could lead the pair to cover the gap from the 120-SMA at 0.8381. However, as the 50-Day SMA (0.8959) crosses below the 200-Day at 0.8976, the crossover reinforces a bearish outlook for the pair as price action continues to hold below the 20-Day SMA (0.8566).

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