AUD/USD: New daily up-cycle, overhead trendline ahead of 0.73

Cycles & Levels: There are no structural changes in the weekly chart worth highlighting. On the daily, we’ve reached a new milestone as far as cycles go, as the break and hold above the previous swing high at 0.7150 validates the transition into a new up-cycle. Based on the symmetrical efficiency of market principles, the Aussie may now develop an upward bias up to its final target of 0.73 as marked in the chart. To achieve that end destination, it will have to first break through a tough nut to crack in the form of a descending trendline. On the hourly, the areas highlighted in a circle are the key levels to watch out for. Notice how the 100% fib proj was broken? It suggests 7177 may also act as intraday support on pullbacks.

Correlations & Volumes: The bullish candle has formed a P-shape volume profile structure that should see renewed buying interest on weakness. The close at the absolute highs of the day is another clue hinting at a transition into higher levels in coming days. Correlations are also favoring the Aussie. Watch for the US NFP volatility.