The dollar is continuing to fall to start European morning trade, with AUD/USD up over 1% on the day now to 0.6945. The pair is seeking a breakout to the upside after breaking through key resistance levels last week. The Friday jump saw price move above both the key trendline resistance (white line) from June last year as well as the 200-day moving average (blue line).
That is seeing buyers gather added momentum for the next upside leg, taking control of the bias - turning it to be more bullish now.
The first target is the 0.7000 mark, with offers layered as the figure level will also act as a psychological barrier for the pair. Above that, the second target for buyers will be the August highs at 0.7125-36 next.
