Some Well Overdue Analysis!
So after a bit of a gap I am back with some well overdue analysis on AUD/USD.
We have seen some retracement in USD pairs with the dollar weakening in recent weeks. From a technical perspective we have this pair bouncing nicely from weekly support down at 0.7160 and we continued to make a nice move up making a strong weekly close last week.
We now find ourselves sitting right on the Daily 50EMA as well as the descending trendline resistance. For me this will be a key point for this pair as if we aren’t able to break higher we could see a decent move down to the lows once more. Alternatively, if we do find the buying strength to break above then I would be targeting this pair to visit 0.7450 resistance soon.