It’s been a back and forth last few days for AUD/USD but it looks like perhaps buyers are finally about to win out the week. With the dollar tumbling alongside bond yields today, the aussie is managing to pick itself back up to trade above 0.6500 currently. And in this instance, it’s a second chance for redemption for buyers in trying to clinch a key technical break.
The second bite of the cherry if you will is the attempt to hold a firm break above 0.6500 and the 100-day moving average (red line).
That will solidify a stronger bullish momentum going into next week, as the better risk mood in stocks is also helping out with the upside push. The next key target to watch if this is held will be the 200-day moving average (blue line) at 0.6593 currently.
This article was written by Justin Low at www.forexlive.com.
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