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AUD/USD chart - Trading View
AUD/USD has closed a bearish gap open and is extending strength at the beginning of the week's trade, technical bias bullish.
U.S. dollar weakness across the board and strength in the commodity space is buoying bulls in the pair.
The pair was trading 0.45% higher on the day at 07136 at around 04:25 GMT, after opening at 0.7082.
Price action is extending gains after a 'Spinning Top' formation on the previous session's candle.
On the weekly charts the pair is extending gains after breakout at weekly cloud. Momentum is strongly bullish.
Major and minor trend as evidenced by the GMMA indicator are bullish. ADX and MACD also support gains.
The pair is currently hovering around 61.8% Fib at 0.7131. Next major bull target and strong resistance aligns at 200W MA at 0.7259.
