AUDUSD Holds Above 50 Day MA Targeting 0.6905

AUDUSD makes fresh 2-month highs, adding 0.13% higher today at 0.6869 after Australia’s Westpac-Melbourne Institute Index of Consumer Sentiment came down to 98.2 in September from 100 in August.

AUDUSD trades above the 50-day moving average and the technical outlook is bullish for the short term now and only a return inside the rectangular will cancel the recent bullish momentum. On the downside, first support stands at 0.6848 today’s low, then at 0.6806 the low from September 6th, more bids will emerge at 0.6738 the lower band of the consolidation area, which if breached will open the way for a visit down to 0.6688 the low from August 26th. On the upside immediate resistance stands at 0.6884 today’s high while more offers will emerge at 0.6905 the 100-day moving average.

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