Big "Risk On" move in AUD/USD, as FX traders flock into the Aussie Dollar as many feel more optimistic taking on more risk, and as the US Dollar breaks down.
As a result, AUD/JPY broke through its weekly resistance of AUD/USD$0.6991, to reach AUD/USD$0.71722, to hit a level not seen since February 2019.
Further, the rising weekly RSI adds further support to AUD/USD's recent moves, indicating that bullish momentum has been strong in the pair.
Given this development, if this bullish trend continues, we can see the pair reaching AUD/USD$0.740674. However, if this bullish momentum stalls, we see the pair backtesting AUD/USD$0.6991.
Nonetheless, we are optimistic on the pair at the moment.
As a result, AUD/JPY broke through its weekly resistance of AUD/USD$0.6991, to reach AUD/USD$0.71722, to hit a level not seen since February 2019.
Further, the rising weekly RSI adds further support to AUD/USD's recent moves, indicating that bullish momentum has been strong in the pair.
Given this development, if this bullish trend continues, we can see the pair reaching AUD/USD$0.740674. However, if this bullish momentum stalls, we see the pair backtesting AUD/USD$0.6991.
Nonetheless, we are optimistic on the pair at the moment.
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