AUD/USD remains solid on the bid along the rising trend line support from the 0.71 handle.
AUD/USD has been better bid in a risk on and commodity friendly environment with oil testing the $38 territory, iron ore taking the headlines, up 16% yesterday and consolidating there supporting demand for the Aussie and stocks falling along with the greenback.
All in all, not a fade in sight in AUD/USD so far, (apart from the offers on the back of yesterdays massive miss in China’s trade balance). However, it will not be long until the price of the Aussie is expressed by authorities that it is too high, while RBA’s deputy, Lowe, speaking yesterday already signaled concerns saying that it would be preferable that the Aussie was lower.
AUD/USD levels
AUD/USD broke up through the weekly cloud at 0 .7378 recently and has not looked back. The initial leg up was from the 0.7331 level, the 8-month resistance line previously, so that was also key allowing a rally through the 55 week moving average at 0.7380, probably key support now while price targets 0.7534 having broken the 0.7880 level.
(Market News Provided by FXstreet)