AUDUSD breaks above the August high of 0.72425

The AUDUSD is another pair which is making a new 2020 swing high. It broke above its August high at 0.72425 and in the process trades at the highest level since February 2019. The next upside target on the daily chart comes in at the end of January 2019 high at 0.72945.

AUDUSD breaks above the August high of 0.72425_

Drilling to the hourly chart below, the price break above the August highs between 0.7240 and 0.72425 saw stop buying. The price high did reach up to a channel trendline high (taking the line of the bottom and creating the topside trend line off the high from yesterday). A move above that channel trendline would be needed to open up the upside. Close risk now comes in against the old highs down to 0.72401. Stay above is more bullish. Move below that level and the waters get more muddy on the failed break.

AUDUSD on the hourly