AUD/USD: 0.7110 is key to the upside – FXStreet

By FXStreet FXStreet (Guatemala) – Valeria Bednarik, chief analyst at FXStreet noted that AUD/USD advanced up to 0.7110 at the beginning of this week, finding support in strong commodities’ prices.

Key Quotes:

“The pair retreated from the level, down to 0.7055 before recovering back towards its high, amid rising stocks. The short term picture is bullish, as the 1 hour chart shows that the price is well above a bullish 20 SMA, although the technical indicators have lost their bullish strength, still holding above their mid-lines.”

“In the 4 hours chart, the upward potential is also clear, as the 20 SMA heads sharply higher, currently around 0.7050, whilst the Momentum indicator heads sharply higher well above its 100 level and the RSI indicator consolidates around 59.

In this last chart, the 200 EMA stands around the mentioned daily high of 0.7110, and a break above it should confirm additional gains, pointing to an approach to the 0.7200 price zone later on in the day. “
For more information, read our latest forex news. …read more

Source:: FX Street