AUDUSD: Bulls Break Above the 100-day MA Next Target 0.6893
AUDUSD trades 0.32% higher for the fourth consecutive trading session at 0.6878, breaking above the 100-day moving average getting a boost after China’s central bank set the one-year loan prime rate at 4.20% from 4.25% before. Investors also cheered the positive Brexit agreement developments and phase one of the trade deal between US and China. Reserve Bank of Australia’s Governor Lowe commented that the Aussie economy has been through a soft patch over the last year, but it’s gradually improving.
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AUDUSD Support and Resistance
AUDUSD short term outlook has turned bullish now as the rebound from 10-year lows gains traction above the 50 and 100-day moving average. Aussie managed to break out of the descending trendline last week and now targets higher levels. On the upside first resistance stands at 0.6879 today’s high and then at 0.6893 the high from September 12th. A convincing break above might signal a move to the next hurdle at 0.6967 the 200-day moving average. On the flip side, first support for AUDUSD stands at 0.6839 today’s low, while more bids will emerge at 0.6781 the 50-day moving average. A break below will open the way for a visit down to 10-year lows.Download our latest quarterly market outlookfor our longer-term trade ideas.
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