The pair has breached the 0.8000 barrier, but finds resistance near the high from 17 January
The stubborn 0.8000 level has been surpassed, and buyers are still firmly in control of the pair after the bounce from the 100-hour MA yesterday.
The next real test will be the high of 0.8023 posted two days ago. At the moment, that's where buyers are finding a little resistance to break in spite of dollar weakness today - although the AUD is one of the better performing currencies.
But the key thing to watch out for is the daily close above the 0.8000 level. That opens up a further move to the upside in a test of last year's high at 0.8125. Yesterday, the pair closed at 0.8001 - from Bloomberg's data - but still it's not a firm close so I wouldn't say that it's plain sailing for buyers from here just yet.
