Today the AUD/USD hit a 6 week top at 0.7280 and our analysts believe there is more to gain on this movement up, but you need to pay attention to the important pivot points ahead.
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Current resistance level at 0.7285, is the 23.6% Fibonacci retracement level of the 0.8136-0.7021 Jan. – Oct. downfall. A break above this level can open a path for the pair to rise another 150 pips towards 0.7445.
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Technical indicators on the daily chart have started gaining positive momentum and support prospects for an extension of the bullish trajectory.
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Acceptance above 100-day SMA, and a subsequent move beyond the mentioned hurdle should continue driving the pair higher in the near-term.