AUD/USD moves above 0.7130 to highest level since 27 March
That should stir up a bit of confidence for buyers as price moves above the resistance region from last week around 0.7129-32. The high now touches 0.7137 as buyers look for a key break from a technical perspective to the upside.
The daily chart is what looks more interesting here:
Price is now looking to contend with resistance from the 100-day MA (red line) @ 0.7142 but also the topside of the recent wedge @ 0.7143. That will be the key area to watch out for in the sessions ahead and as we approach the daily close today.
Should buyers manage a break above those levels, further resistance is then seen around 0.7150 and 0.7170 but they should prevent less of a challenge down the road. The pair still sits in a narrow range (18 pips) on the day but currently buyers are showing some poise to extend it to the upside extreme.
