Last week a break of 0.7640 took us above 0.7700 so are we on for more of the same?
The aussie is still looking well supported after the overnight run up and we're just trying to cement a break through the 0.7640 area.
AUDUSD H4 chart
Stay bullish and we'll then get a test of resistance at 0.7660 and then 0.7680. No doubt we'll be seeing some at 0.7700 and that looks a likely spot for any intraday longs to start offloading. If not they'll be wanting to see last week's high break or that will more probably be the trigger to bail.
If we fail here at 40 then we might have a quick trip back down towards 0.7600 with 0.7620 and 0.7610 the support levels in the way. Consideration should be given to the recent lows around 0.7590 too.
