AUDUSD breaks to new highs for the week/new highs going back to May 14 ...Middle East

Technically, the rally began in the early Asian session as the pair found support at an upward-sloping trendline. That bounce encouraged buyers, and the bullish tone strengthened once price broke above the converged 100- and 200-hour moving averages (blue and green lines on the chart near 0.6434).

The latest move has seen AUDUSD:

Push through a downward-sloping topside trendline near 0.64827

A break above those swing highs would target:

61.8% retracement of the 2024 high–low move at 0.65489 (on the daily chart)

Conclusion: Buyers remain firmly in control. Holding above the 100/200-hour MAs and 200-day MA keeps the bullish momentum intact. A break of 0.6500/0.6514 opens the door to broader upside targets toward 0.6549.

This article was written by Greg Michalowski at www.forexlive.com.

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