AUD/USD holds at one-month highs as buyers keep calm on the day so far

Technical Analysis

Author: Justin Low | audusd

AUD/USD trades at its highest levels since 18 September

AUD/USD H1 18-10
ForexLive
The pair broke higher in trading yesterday as buyers managed to secure a firm break above the 0.6800 handle but so far the momentum is slowing down a little despite having moved above key near-term resistance around 0.6800-10.

Price is still trading at one-month highs but buyers are lacking fresh impetus to go searching for a break above the 76.4 retracement level @ 0.6842.

The daily chart also points to some minor resistance around 0.6832 with the 100-day moving average resting @ 0.6859. The latter will be a key level to watch as sellers may lean on that level to limit any upside gains from hereon.

The overall risk mood remains more flat on the day and that is not giving traders any fresh direction to work with so far today. As such, AUD/USD is trading in a 18 pips range so far despite holding at one-month highs.

Looking ahead to the weekend, the Brexit deal vote will be one to watch as it will also matter for risk trades and as such, have an influence in the pair as well. So, just be mindful of such a risk if you're intending to hold a trade in the aussie going into next week.

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