Important resistance levels are breaking left and right as midday approaches in New York. All this is being led by revived hopes for a second-half recovery in the US given the recent upbeat earnings news as well as economic anecdotes like the Empire State manufacturing report this morning.
The S&P is up 2.25% or 20 points, oil is back to $61 and copper (a big driver of AUD/USD) is up more than 4%.
Now that 80.35 has broken, traders will look to 80.54 and 81.11.
UPDATE: Thanks to Blake for pointing out the bull-flag on the charts. Here it is: resistance comes in around 0.8085, as I draw it.
