Aussie Leads Quiet FX Trading As Bulls Eye 0.72715

Aussie Catches The Risk-On Bid

The Aussie is higher today but the US and Europe are on holiday today so it’s a quiet trading session. Nonetheless AUD is higher against USD, EUR, GBP, and JPY.

The Aussie Demonstrates Broad Strength Against Major G10 Currencies

The Wider View, Gunning for Fib Extensions

AUD/USD is just under the 1 Fib level which denotes the last pivot high at around 0.71875. Once the Aussie can clear this, the next level to observe is around 0.72710. The Aussie is above both the short and medium term Supertrend levels, with the next level of major resistance above 0.72710 is 0.7407.

Weekly Fibonacci Levels Outline The Next Major Resistance Targets For AUDUSD Near 0.72715

Potential 21-EMA Crossover on Daily AUD/USD Chart

AUD/USD is attempting to get back above the 21-EMA on the daily chart. The RSI also flipped back above 50. It seems that the AUD/USD is looking to retest the 0.72775 pivot highs. This is a very positive sign for the FX Cross in the short to medium term.

AUDUSD Holding Support Above the 21-Day EMA Following A Steady 2 Month Rally

Back To Risk-On For AUD/JPY

Indeed, cross-asset flows are giving us more confirmation on returning Aussie strength. AUD/JPY’s Supertrend flipped positive with the RSI above 50 and pointing higher. The Z-Score SMA is trending higher. All good things to see for the Aussie. Expectations are for a retest for 114.725 resistance level.

0.225 AUDJPY Renko Indicate Persistent Demand

0.0015 AUDUSD Renko Rebuilding

There’s some consolidation on AUD/USD as it attempts to get back over its 50-SMA. The Supertrend is still positive with the RSI having crossed above 50 and the Z-Score SMA trending higher after it consolidated before turning positive. It seems as if the AUD/USD will get back above the 50-SMA and retest the 0.72775 resistance level on the Renko.

0.0015 Renko Highlights A Bounce off Near Term Support As Demand Quickly Absorb The Recent Pullback

The Verdict

Current Trend Direction: Bullish

Bias: Positive

Support Levels: 0.6833,0.71015,0.70720

Resistance Levels: 0.72715, 0.74070

Medium Term Path: AUD/USD should keep moving higher once the daily 21-EMA and Renko support zone around 0.70800–0.71018 hold. A clean break above 0.71875 opens the door to 0.72713/0.72715. Above that, 0.74070 becomes the next macro target. Lose 0.70720, and the setup cools fast.