AUD/USD extends gains as buyers continue to build more upside momentum after RBA decision

Technical Analysis

Author: Justin Low | audusd

AUD/USD continues to move away from the 100-day moving average

AUD/USD D1 03-12
ForexLive
The aussie is hitting fresh highs for the day now with the dollar also coming under a bit of pressure across the board. AUD/USD is touching a high of 0.6860 and is close to test the 61.8 retracement level @ 0.6863 next.

In the context of trading today, buyers have managed to break above the 100-day MA (red line) @ 0.6818 and are now extending their momentum towards the upside.

Looking ahead, there is minor resistance at 0.6863 with further resistance then seen closer towards 0.6885-00. Ultimately, the key test will be the 200-day MA (blue line) @ 0.6919 as that is a level that has limited upside momentum in the pair since March 2018.

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