AUDUSD Forming Strong Bullish Momentum
AUD/USD opened the week at 0.7390 and quickly climbed to a high of 0.7420 early in the week. The pair reversed from support held at 0.7311. New support formed at 0.7370 level. Above this support level, this pair remains bullish momentum.
Some technical point
0.7834 was the high point in April 2016.
0.7739 was a cap in February.
0.7611 is next.
0.7509 has held in resistance since early May.
0.7431 is a weak resistance line.
0.7308 is an immediate support line.
0.7219 is the next support line.
0.7103 has held since March 2016.
0.6995 is the final support level for now.
AUDUSD Chart
US numbers have softened, as underscored by March’s disappointing CPI and retail sales reports. Still, the Fed is expected to raise rates two more times in 2017, although there is some doubt about a June hike.
