Technical Analysis

AUD/USD continues to creep higher, nears 0.7150 as the aussie holds firm

AUD/USD reaches its highest level since 21 March


The high today is at 0.7149 as the aussie continues to stay buoyed with traders citing exporter demand for hedging requirements being one of the reasons boosting the commodity currency today. But technically, price contended with a break of the 0.7130 level yesterday and finally found it today with buyers staying in near-term control.

That is continuing to give a further lift to the pair as price now closes in on the 0.7150 level. But as mentioned earlier, the daily chart is where all the focus should be on:

AUD/USD D1 09-04

The pair is looking to challenge a break above the 100-day MA (red line) and the topside resistance at 0.7142 and 0.7143 respectively. Those will be key levels to watch out for ahead of the daily close later.

If buyers manage that, it will help to give confidence for a possible breakout to the upside over the next few sessions. Risk sentiment is still looking rather cautious for the time being, but the lack of fresh direction in markets is helping to allow the aussie to quietly gain.

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