Technical Analysis

AUD/USD stays on course for test of 100-day moving average

AUD/USD trades at fresh six-week highs as we begin European trading


The aussie got a boost earlier from the headline pertaining to China here and that saw AUD/USD hit a high of 0.6885 briefly. Currently, price is challenging resistance around 0.6880 from the 50.0 retracement level as seen above.

It has been a solid run for the pair over the past week and buyers don’t look like they are letting up just yet.

The 100-day MA (red line) @ 0.6907 remains the key level to watch in all of this as a break above that will see buyers start to exert more control over the pair in the bigger picture. That will potentially put 0.7000 back on the map with the Fed to come next week.

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