AUD/USD: Weaker Dollar Lifts Aussie to One-Month High


The Australian dollar spiked to one-month high vs its US counterpart on Monday as commodity currencies rose on broadly sold greenback.

Bulls penetrated daily cloud but failed to break above as cloud, although thin (0.7762/85) marks solid barrier which reinforces signal on overbought stochastic.

Daily techs show moving averages in full bullish setup and rising positive momentum, while today’s action is on track to form bullish outside day, which would add to positive signals.

Fourth consecutive daily close above broken 0.7713 pivot (Fibo 38.2% of 0.8007/0.7531 / 55DMA) would keep near-term bias with bulls for final push through daily cloud and extension towards next key barriers at 0.7825/49 (Fibo 61.8% of 0.8007/0.7531 / Mar 18 spike high).

Caution on return and close below 55DMA which would weaken near-term structure and risk deeper pullback towards 0.7680/68 (converged 10/30 DMA’s / 100DMA).

Res: 0.7784; 0.7810; 0.7825; 0.7849
Sup: 0.7761; 0.7713; 0.7680; 0.7668



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