Rallying copper and oil prices together with broad-based US dollar sell-off also collaborated to the upside in the pair.
AUD/USD is extending upside after gap-up open and is currently trading around 0.7449 levels.
Momentum studies are , biased north, strength in at 57 levels.
are widening and the pair has bounced of 20-DMA support on June 16th trade.
Upside finds major resistance at 0.7450 levels, break above will see test of 0.75 and then 0.7560 levels.
On the downside, we see immediate support at 0.74 (10-DMA) ahead of 0.7393 (5-DMA). Break below could see test of 0.7360 levels.
Immediate focus now on Tuesday’s RBA minutes release along with RBA official Debelle’s speech for fresh impetus on the Aussie.
Good to go long on decisive breakout above 0.7450, SL: 0.74, TP: 0.75/0.7530/0.7560
Aussie extends gains against major counterparts after minutes confirm a wait-and-see policy approach.
TP1 achieved. Bias higher.