AUD/USD buyers aiming for last week’s high as dollar slips on the session

Technical Analysis

AUD/USD rises to a three-day high, just under 0.6400

AUD/USD H1 20-04
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Buyers are extending the move in the pair higher as the dollar eases on the session, with price now climbing and holding a break above the 100-hour MA (red line) as well as the near-term trendline support at around 0.6370.

Price is also taking a peek above the Friday high of 0.6384 with buyers aiming for the 0.6400 handle and a possible retest of last week’s high @ 0.6445 next.

The market continues to remain in a mixed mood with European stocks trading more tepid while US futures are still lower by around 0.8% on the day currently.

Treasury yields are also keeping slightly softer, but that isn’t really working to the dollar’s advantage this time around to start the new week.

As such, I’m not really sold on this move just yet but you can’t ignore the technicals as well. The near-term chart in EUR/USD will be a key one to watch for dollar sentiment as price tests the key hourly moving averages on the run higher now.

Back to AUD/USD, the break in near-term technical levels is also helping to give the pair a push higher so watch out for the high last week if the 0.6400 handle gives way.

As for sellers, they have much work to do in trying to drive price back under the key hourly moving averages – especially the 200-hour MA (blue line), which held last week.

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