AUDUSD tests the week's high

Technical Analysis

Author: Greg Michalowski | audusd

With stocks trading near highs, risk on pushes the AUDUSD to a retest of the  weeks highs

The AUDUSD is up at testing the highs from yesterday at 0.6943 (high for the week as well). After the employment report the price retested that level only to fall back down before restarting the run to the upside.  A move above that level opens the door for more upside with the 0.6955 and 0.69614 as the next targets. The high price from last week reached 0.69741. That was just short of the June 16 high of 0.69758.

With stocks trading near highs, risk on pushes the AUDUSD to a retest of the  weeks highs
Yesterday, the price chopped around and extended lower in the late London morning session. However buyers showed up right against the 100 hour moving average (blue line in the chart above), and that gave the buyers the confidence to push the price higher.

A trendline connecting recent lows did see a brief break below after the employment numbers, but quickly rebounded. That trend line currently comes in at 0.6922. Stay above would be more bullish.
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