AUDUSD Breaks Above 0.68, Positive Momentum
AUDUSD trades 0.19% higher today at 0.6810 after Australian trade balance came in at AUD 7.268bn topping expectations of AUD7bn surplus. Reserve Bank of Australia’s Governor Lowe noticed that monetary policy can push up asset prices but can’t support and deliver medium term growth.
On the technical side, AUDUSD managed today to break above the consolidation rectangular since end of July giving the bulls the upper hand. Now the technical outlook is bullish for the short term and only a return inside the rectangular will cancel the positive momentum. On the downside first support stands at 0.6791 today’s low and then 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 0.6824 today’s high while more offers will emerge at 0.6868 the 50 day moving average.