Trades to new highs as US stocks/European shares rise
The AUDUSD is trading to a new session high and in the process is targeting a topside trend line at 0.6991. Above that and traders will look toward the 0.6996 to 0.70004 area. Those levels defined to the swing highs from last Tuesday and Thursday.
The pair has been trading up and down over the last 7 or so trading days with a low of 0.69219 and a high of 0.70004. In between sits the 100 and 200 hour moving averages. Admittedly on Friday, the price trade above and below each of those moving averages as traders struggled with the next move for the pair.
Today, the price initially found resistance against the 100 hour moving average (blue line) but was then able to break it during the Asian session. After running higher and testing a topside trend line, the corrective move lower found support against the 100 hour moving average. Bullish.
With the price currently moving away from that 100 hour moving average, the topside targets from the 7 day range become the focus (with 0.7000 being the main target).
Taking a broader look at the daily chart, the swing high from December reached 0.70314. The high price from June extended to 0.70627. The high price from July 2019 reached 0.70813. Each of those would be upside targets on further momentum.
