AUDUSD at 2-Month Highs, Bulls need a Break Above 0.6864
AUDUSD continues north for fourth day in a row making fresh 2-month highs, adding 0.24% higher today at 0.6830 after Australia AiG Performance of Construction Index climbed from previous 39.1 to 44.6 in August. Reserve Bank of Australia’s Governor Lowe noticed that monetary policy could push up asset prices but can’t support and deliver medium-term growth.
On the technical side, AUDUSD outlook is bullish for the short term and only a return inside the rectangular will cancel the positive momentum. On the hourly chart the pair is trading above all major moving averages. On the downside first support stands at 0.6806 today’s low, then at 0.6770 the 100-hour moving average, more bids will emerge at 0.6738 the lower band of the consolidation area, which if breached will open the way for a visit down to 0.6688 the low from August 26th. On the upside immediate resistance stands at 0.6832 today’s high while more offers will emerge at 0.6864 the 50-day moving average.