Runs above last Wednesday’s high
The AUDUSD has broken to new highs into the London fixing at 11:00 AM ET/1600 GMT. In the process, the pair moved above last Wednesday’s high at 0.73174. The next upside target comes against the topside channel trendline at 0.7332 and the hi from last week’s trading at 0.73392.
Earlier today, the pair held a support trend line on the hourly chart. That gave the buyers to go-ahead to lean against support, and push higher.
Last Friday, the price of the AUDUSD fell to test its 200 hour moving average. There were modest looks below the MA line (green line), but momentum to the downside could not be sustained. Ultimately, if the technical bias is to tilt more to the downside, getting back below the 100 hour MA (at 0.72705) and the 200 hour MA (at 0.72587) would need to be broken.