Trades at the highest level since May 2015
The AUDUSD has been breaking higher.
Last week, the pair moved above a key resistance area in the 0.77307-55 area. That area has been home to a number of swing highs going back to August 2016 (see red circles in the chart above).
Yesterday the pair moved above the high from April 2016 (high for 2016) at 0.7834 on the more positive RBA meeting minutes.
Today, the pairs momentum has slowed but a new high going back to May 2015 has been reached at at 0.7955. The nest target is the natural 0.8000 level and then the key 200 week MA at 0.80138 (green line on the weekly chart below). The price of the AUDUSD has not traded above the 200 week MA since May 2013. Key level. I would expect sellers to lean against the level on the first test should the bullish momentum continue. Be aware of the level.
Drilling down to the hourly chart below, the move higher off the July 7th low this month has been strong. The AUDUSD has been up 8 of 9 trading days (counting today - yesterday closed at 0.7916). You don't want to get in the way of a bullish trend. The pair has moved 384 pips in that run higher. Simplistically, stay above the prior day close today, and the buyers remain in control and the run to the 0.8000 to 0.8013 key resistance area can continue.
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