The AUD has staged a massive recovery this week against the US Greenback and is now testing a critical resistance level at 1.5000. Depending on how you look at it, the pair has either already broken, or is about to break a Weekly descending trend line. The lower trend line was broken at the 1.0430 area while the upper trend line is dead ahead of the current market price of 1.0503. There are numerous highs hovering around 1.06 as well offering up further resistance for the pair and with some major fundamentals coming out of the US in the next 3 days the pair will be under jeopardy of a reversal on potential USD strength but better than expected Aussie employment numbers could push the pair much higher before Friday. Below the current prices we have the 62 Week Moving Average and the Monthly Pivot coinciding at 1.0340 but a break below this level will bring another possible test of the March lows at 1.0100.
Happy Trading!