AUD/USD looks set for a retest of 65c
Despite strong data from the US and weak data from China over the past few weeks, AUD/USD bears have failed to keep the Aussie below 64c. Even a strong inflation report from the US on Wednesday resulted in the Aussie springing back above that key level.
Since then, we have seen the pair break a retracement line on the 1-hour chart as part of a bullish breakout ahead of the Australian employment report. The okay jobs numbers provide no reason for bears to jump in, but it has pulled back from current cycle highs.
AUD now looks good to bullish eyes around current levels, and a move towards 65c is favoured as long as prices remain above 64c (although tighter risk management could be used as 0.6410 as an invalidation point).
Since then, we have seen the pair break a retracement line on the 1-hour chart as part of a bullish breakout ahead of the Australian employment report. The okay jobs numbers provide no reason for bears to jump in, but it has pulled back from current cycle highs.
AUD now looks good to bullish eyes around current levels, and a move towards 65c is favoured as long as prices remain above 64c (although tighter risk management could be used as 0.6410 as an invalidation point).
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