AUD/USD chart - Trading View
AUD/USD was trading 0.67% higher on the day at 0.7652 at around 06:30 GMT, outlook bullish.
The pair has broken out of range trade as upside gains traction. Scope for test of 88.6% Fib at 0.7836.
The heavily offered tone surrounding the USD is pushing the pair higher. AUD/USD is trading at levels unseen since June 2018.
Further, hopes for a strong global economic recovery is supportive of upbeat market mood.
Technical indicators also support gains. Major and minor trend are bullish as evidenced by GMMA indicator.
On the data front, focus on second-tier US economic data – Goods Trade Balance, Chicago PMI and Pending Home Sales – for some impetus.
Scope for test of 88.6% Fib at 0.7836. 21-EMA is major support at 0.7523. Weakness likely on break below.
