Bank of America Merrill Lynch Technical FX Strategy Research notes that AUD/USD has rallied through a trend line connecting four prior peaks since April 2016.
“The close last week above .7710 implies this trend line is broken and is bullish targeting the 200wk SMA at .8020.
Our technical heat map shows AUD/USD is making new 20d highs and that price is in an uptrend according to the ADX and MAA indicators. It also shows the 50d is approaching a bullish cross above the 200d which is trend bullish.
Our technical heat map also shows key support and resistance levels. We estimate moving average support at 0.7617 and 0.7523,” BofAML adds.
Source: Bank of America Merrill Lynch Rates and Currencies Research
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