AUD/USD chart - Trading View
- Aussie bulls cheer weekend news that Australia’s centre-right government has clung to power in a surprise victory.
- AUD/USD opens with a bullish gap and is extending gains as we write, up 0.77% at the time of writing.
- US-China trade talks are on the sour ride and Reserve Bank of Australia’s (RBA) surprised with no rate cut.
- But AUD largely brushing aside negative news, price action has edged above 5-DMA and has broken above hourly cloud.
- The major could extend gains on continued momentum. Next bull target lies at 21-EMA at 0.6987.
- No major data/event scheduled for release during the day, focus on Powell’s speech at the Financial Markets Conference for fresh impulse.
Support levels - 0.6910 (5-DMA), 0.6892 (78.6% Fib)
Resistance levels - 0.6955 (61.8% Fib), 0.6987 (21-EMA)
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