AUDUSD bulls taking control and eye higher still.
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- AUDUSD bulls taking control and eye higher still.
- US Dollar pressured and at risk of deeper to 109.50s.
AUDUSD bulls moved in for the low-hanging fruit at the end of the week, taking out the shorts that had been building up since mid-prior week from 0.6500. The high recorded on the day was 0.6482. For the open, should the US dollar manage to find a bid, 0.6425 could be an attractive downside target where the bulls would be expected to reemerge from.
The price remains within a broader bearish trend, although the bulls have made a move and broken the micro trendline which gives rise to a follow-through for the week ahead.
The bulls are on the other side of the bearish channel which gives rise to the prospects of a move towards 0.6550 in the immediate future so long as 0.6425 holds.
With that being said, the US Dollar, as measured by the DXY index, will need to decline below 110.40 to keep risk currencies bid. A break of 109.53 would seal the deal as per the following daily chart:
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