Follows the dollar lower
The AUDUSD has joined the NZDUSD and USDCAD in moving to a new extreme (lower USD direction).
Looking at the hourly chart above, the price on Friday showed a bullish bias by bouncing off its 100 day MA (see post from Friday here
Today, in the early Asian session, the price moved above a swing area at 0.6647 to 0.66793. That triggered more buying momentum, and the price ran to a session high at 0.6772.
The price did come off that initial high level, but found support buyers against the 38.2% of the move up from Friday’s NY session low at 0.67131. Another bullish clue.
The latest run to the upside has moved to a new high at 0.67873. Close risk is the 0.6772 level. A move below could give the buyers some cause for pause into the NY afternoon session. Stay above and more upside probing will be eyed.
Where is the next upside target?
Taking a broader look at the daily chart, the price has moved above a floor, turned ceiling in the 0.6662 to 0.66847 area. It is now approaching another swing area at the 0.67999 to 0.68234. That area would be the next target.
Get above that level opens the door for further upside momentum.