AUD/USD – Is This A Major Break In Aussie To USD?

Key Highlights

· The Aussie Dollar traded above 0.7750 against the US Dollar with back to back daily gains. · The AUD/USD pair is now positioned well above a crucial resistance zone of 0.7740.

AUDUSD Technical Analysis

The past few days were super bullish for the Aussie Dollar as it moved above 0.7750 and 0.7800 against the US Dollar. The AUD/USD is currently positioned well and looks set for more gains towards 0.7900.

Looking at the daily chart, an uptrend was initiated from 0.7340. The pair broke the 100 and 200 day simple moving averages at 0.7540. It followed an ascending channel pattern to trade above a crucial resistance zone of 0.7740.

A break and daily close above 0.7750 has opened the doors for more gains. The next major hurdle for buyers is near the 1.618 extension of the last decline from 0.7749 to 0.7328 at 0.8009.


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