CitiFX Technical Strategy Research notes that AUD/USD is just shy of testing the 200 week moving average (around 0.8015), a level not hit since 2013.
“The overall setup is beginning to look bullish after the break through the triangle top/range highs.
However, momentum is now at levels at which have historically corresponded with corrections or pauses,” Citi notes.
“Therefore, while the bullish break does suggest we are likely to see higher levels in the medium-term, the 200 week moving average may prove difficult to get through on a first test and better levels for longs may still be seen,” Citi argues.
Source: Citi Research
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