AUDUSD retains its bullish outlook especially after the 50-day moving average crossed above the 200-day moving average last week, which is a bullish signal.
As long as the market remains above 0.7500, there is scope for prices to extend higher towards 0.7700. MACD is above zero and rising, supporting a bullish bias.
In the near term, the market is likely to consolidate after the recent rally stopped at 0.7679 on Friday. RSI reached overbought levels, which indicates a pullback was due. Support is seen at 0.7500. A break below this key level would weaken the bullish outlook, leading prices to target the March 16 low of 0.7413.
Risk Warning: Forex, Commodities, Options and CFDs (OTC Trading) are leveraged products that carry a substantial risk of loss up to your invested capital and may not be suitable for everyone. Please ensure that you fully understand the risks involved and do not invest money you cannot afford to lose. Please refer to our full Risk Disclosure.