AUD/USD takes out the year-long trendline
Almost exactly a year ago -- on December 4, 2018 -- the Australian dollar topped at 0.7394.
It's been in a relentless downtrend since. That's created a trendline that's been touched 4 times. It was tested a fifth time today and it broke in a 1.1% rip in AUD/USD. The next-largest move against the dollar is half as much.
A rally in iron ore has helped to add to the gains but so has a technical pine-in as this level broke.
Now I agree that lines like this should be drawn with a thick pencil, so I wouldn't necessarily declare this as a break but it highlights a third higher high since the October low.
Another good benchmark is the 200-day moving average which is at 0.6911.
