The Australian dollar is showing some positive short and longer-term signals. It’s also underpinned by Australian 10-year yields at 3.78% — much higher than other major economies.
AUD/USD broke a minor downtrend today and that could be signaling the end of the consolidation that’s been ongoing since late April.
If you scale into the shorter term, a positive series of higher highs and higher lows is also building.
The orderboard shows strong offers at 0.9400 and sales at today’s high of 0.9384 are likely also building. Another round of strong offers sits at 0.9420 then 0.9450 with buy stops above.
There is talk of sell stops at 0.9415 with bids at 0.9300 and more stops at 0.9290.