Chart - Courtesy Trading View
Spot Analysis:
AUD/USD was trading 0.57% higher on the day at 0.7415 at around 05:30 GMT
Previous Week's High/ Low: 0.7380/ 0.7157
Previous Session's High/ Low: 0.7380/ 0.73
Fundamental Overview:
The antipodeans rose to multi-month highs as war in Ukraine and potential ban on Russian crude supplies sent oil prices spiking.
Reserve Bank of Australia Governor Philip Lowe will speak on Wednesday and Friday, while on the data front the U.S. consumer price index on Thursday will be crucial.
Technical Analysis:
- AUD/USD was extending bullish streak for the fourth consecutive session
- Price action is extending gains above 200-DMA, outlook is bullish
- GMMA indicator shows major trend is neutral while minor trend is bullish
- Volatility is high and momentum is strongly bullish
Major Support and Resistance Levels:
Support - 0.7320 (200-DMA), Resistance - 0.7483 (Upper W BB)
Summary: AUD/USD poised for further gains. Scope for test of Oct 2021 highs at 0.7555. Bullish invalidation only below 200-DMA.
