AUD/USD Price Analysis: The pair is doing its best to break out of the consolidation high of 0.6910
|- AUD/USD is trading 0.40% higher on Tuesday.
- Some recent USD weakness has sent the pair higher in the US session.
AUD/USD 1-hour chart
AUD has been performing well on the session as the risk environment in the financial markets is positive on Tuesday. As you can see from the hourly chart below over the last five hours the pair has pushed higher. So much so, that the pair is now testing the consolidation high at the black line near 0.6910.
Before the move higher the pair broke the blue diagonal line on the downside and it looked like there could be a technical move lower. After some fundamental news, the pair broke higher and has now stalled near the highs of the session.
As with most consolidation zones, the MACD was looking pretty flat. Now there has been a move higher the histogram has moved into the green and the signal lines look to be following higher. The Relative Strength Index indicator is now close to the overbought zone. There is still some room to the upside on the indicator but there could be a small pullback first.
The ultimate target could be the red resistance zone near 0.6980 this level has been a strong rejection point on two occasions on the chart. If it does manage to break the psychological 0.70 could be next. The daily chart is still showing a strong uptrend and maybe this move and consolidation was just a retracement.
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Additional levels
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