AUD/USD continues to flirt with a huge level

Technical Analysis

Author: Adam Button | audusd

AUD/USD threatens 2016 high

On Friday, AUD/USD closed within a few pips of the 2016 high and after a 25-pp dip in early-week trading, it's back up to within striking distance of the 0.7835 level.

I'm confident that it's only a matter of time until this level breaks in a big way. If it wasn't going to break, there would have been a stronger rejection today.

The 25-pip slip was hardly a sign of a market that doesn't have the strength to push higher.