The Australian Dollar continued to rise on
Thursday and the AUDUSD pair
was up 0.40 percent during the London session, as traders dumped the greenback
after Wednesday’s dovish Powell’s
remarks.
The pair was testing a strong resistance of
previous highs, which is at 0.7340. If this level is taken out, the upward
momentum could be confirmed and the next target for bulls might be at 0.7420,
where the 200-day moving average is located. The greenback seems to be losing
broadly, weakened by the mentioned Powell’s speech and thus the AUDUSD pair
could be supported by this fact.
On the downside, the support could be
located at around 0.7250, where the 100-day moving average is seen and then at
the bullish trend line, which is near 0.7220.
The RSI indicator is also rising and
testing previous highs, therefore there are no negative divergences. If the
price rises to new highs and so does the indicator, it could be another bullish
signal for the AUDUSD pair.
Sentiment remains positive for the AUDUSD
pair and investors might pay attention to today’s US CPI data, which could spur
further volatility on the USD pairs.
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